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A new report from the Tax Justice Network estimates that Australia lost $US24 billion from offshore tax evasion by multinational companies.
The report also claims that Australia is one of eight countries that remain opposed to a UN tax convention. The others are Canada, Israel, Japan, New Zealand, South Korea, the UK and the US.
In total, $US492 billion in offshore tax evasion. These “hurtful eight” countries alone lost US$177 billion (44%) to offshore tax evasion.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.