Global economy

Tremendous progress in the fight against offshore tax evasion

01/06/2020 JPG

Progress continues in the fight against offshore tax evasion, with data on 84 million financial accounts automatically exchanged in 2019, covering a total value of EUR 10 trillion. While not all accounts are illegal, governments now have a massive new tax base of undeclared accounts and potentially billions in new tax revenues. This money could help strengthen country's health and education systems and compensate for covid-related job losses. For more information on the Global Forum on Transparency and Exchange of Information for Tax Purposes, visit: https://www.oecd.org/tax/transparency.

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