“Offshore Loss” – How Much Money Do Countries Lose on Preferential Tax Systems
The British business newspaper City A.M. And RIFT Tax Refunds conducted a study showing that the Cayman Islands, the UK, and the US are leading in terms of offshore losses. A collective study found that under the offshore scheme registered in the Cayman Islands, the Cayman Islands alone lose about $ 45.7 billion annually.
The researchers calculated that the Cayman Islands ranked first in terms of annual financial losses for other countries – $ 45.7 billion, followed by the United Kingdom – $ 30.4 billion. The top ten in terms of financial losses are:
UK – $ 30.4 billion
America – $ 20 billion
Luxembourg – $ 15.5 billion
Ireland – $ 9.6 billion
Netherlands – $ 8.3 billion
British Virgin Islands – $ 5 billion
France – $ 4.7 billion
The British territories are leading the way in the financial damage done to the country by businessmen and companies. The total amount of damage is $ 84.5 billion annually.
“UK tax laws are quite strict. But there are ways to avoid taxes. Large property owners often take advantage of loopholes in the legislation to significantly reduce the tax burden. “One of the tricks is to save money in offshore tax havens.” Statement by the CEO of RIFT Tax Refunds.
According to researchers from the anti-money laundering company Credas Technologies, in terms of GDP losses from lost taxes, Luxembourg ranks first (GDP loss 14%), followed by Cyprus (4.55%), Ireland (3.22%), and Malta ( 2.7%). The UK ranks fifth.