The total amount of money stashed away in tax havens has been estimated at a whopping $11.5 trillion.
India is losing over $10.3 billion (about Rs 75,000 crore) in taxes every year owing to global tax abuse by MNCs and evasion by private individuals, a report said on Friday. The State of Tax Justice report said globally countries are losing a total of over $427 billion in taxes each year to international corporate tax abuse and private tax evasion. This is costing countries altogether the equivalent of nearly 34 million nurses' annual salaries every year -- or one nurse's annual salary every second.
Financial secrecy takes place when there is a refusal to share this information with the legitimate authorities, in order to tax wealthy taxpayers appropriately or to enforce its criminal laws.
Equity inflows worth $3.7 billion came from the sunny Caribbean jurisdiction in 2019-20, a 267 per cent increase from the $1 billion registered in 2018-19 making it India's 10th largest source of FDI.
Two organisations tracking tax violations and money laundering worldwide identify totally different sets of countries for lack of financial transparency.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances