The costs of the pandemic are being borne by the poorest and most vulnerable. The economic burden of rescue packages should not fall on them as well. Former federal treasurer Wayne Swan on why we need to overhaul corporate tax rules.
Every year, the world is losing over US$427 billion in fiscal resources to international corporate tax abuse. On average countries are losing the equivalent of 9.2% of their health budgets to tax havens every year.
In Australia’s case, the figure is the equivalent of 4.87% of what the country spends on health, an amount that is the equivalent of the salaries for almost 54,000 nurses.
Of the $427 billion, multinational corporations are to blame for nearly $245 billion, thanks to the practice — mostly legal — of “profit-shifting”, according to a new report by the Tax Justice Network, Public Services International and the Global Alliance for Tax Justice.
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