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Tuesday, 04 June 2013

Oxfam: tax leaks, enough to end poverty twice over

Up to $156 billion in tax revenue – twice the amount of money that would be needed to eliminate world poverty – is lost due to the $14.3 trillion hidden in tax heavens, the latest report published by the international aid agency Oxfam shows.
According to the research, the global loss in revenue would be enough to elevate the whole world’s population above the $1.25-a-day "extreme poverty" threshold.
Oxfam also notes that over two thirds, or $12 trillion, of that global offshore wealth could be found in EU tax havens, including Luxembourg, Andorra and Malta.
"Most governments claim to have no alternative but to cut public spending and development aid, but we've found there's enough potential tax to be had on hidden 'private' money to end extreme world poverty twice over," Natalia Alonso, head of Oxfam's EU office said.
Source: DW.DE