Interesting Facts

According to economist James Henry financial assets held offshore round the world are worth “at least” $21tn and perhaps as much as $32tn. (He calculated that £6.3trillion of these assets are owned by just 92,000 people – or 0.001 per cent of the world’s population. The international campaign group Tax Justice Network, which commissioned the research estimates that around $250billion is lost in taxes each year by governments worldwide as a result of the wealthiest individuals holding their assets offshore.) Source

According to the Global Financial Integrity organisation, developing countries lose $900 billion through tax evasion. (The World Bank´s Stolen Asset Recovery initiative estimates the cross-border flow of proceeds from criminal activities, corruption and tax evasion at between $1 trillion and $1.6 trillion per year, about half of which come from developing and transitional economies. Where it all goes is a taxing question.)

powered by ODEO According to the IRS 99% of tax on personal income from wages is successfully collected. (Only 70% of tax on business and investment income is collected though. I guess businesses and people who can afford to invest can also afford good tax lawyers.)