MNC steals Rs 70,000 crore from India in the name of tax haven countries

Globally, MNC's ચોરી 24.5 billion tax evasion and the rich's personal tax evasion of 18 18.2 billion

London, Ta. November 20, 2020, Friday

In the name of tax haven countries, multinational companies and billionaires individually evade 42 42.7 billion in taxes each year in various countries. In India, MNCs and individual taxpayers earn Rs. The global organization The Tax Justice Network has claimed in its first annual report that it steals Rs 70,000 crore in taxes.

MNC is transferring billions of dollars of profits to tax haven countries as the world fights Corona today. The organization has called for global action against this. The Tax Justice Network (TJN) claims to have compiled the report by assessing the tax payments of various countries provided publicly by companies and corporate financiers.

The organization hopes that at the next G20 summit, developed and developing countries will unanimously tighten the rules regarding taxes. According to the report, multinational companies evade taxes by transferring નો 138 trillion worth of profits to countries that have loopholes in corporate laws to prevent them from doing so.

This brings the total tax evasion of multinational companies to આં 24.5 billion, while the rich personally evade 18 18.2 billion in the name of tax haven countries.

TJA said it had compiled the report on corporate tax evasion by analyzing figures released by the Organization for Economic Co-operation and Development (OECD) and multinational companies.

However, the identities of the companies were not disclosed in the report. The data indicates that the wealthy with more than 10 10 trillion in financial assets have paid 18 18.2 billion less in taxes than they should have, TJA said.

The G20 countries should obtain profit documents from each multinational company on a country-by-country basis so that they can avoid corporate tax evasion and jurisdiction disputes and force companies to pay taxes in each country, the organization said. The Cayman Islands, the British Overseas Treaty, are responsible for the countries' accumulated tax losses, according to the report. They have caused a global tax loss of 000 7 billion (16.5 percent).