Tax evasion robs developing countries of $900bn a year
November 30, 2008 – 6:18 pmNearly every country is experience a financial crisis. Therefore, it seems that the world is in tune to the underpayment of taxes.
As revealed in a recent article, the world’s poorest countries lose $900bn each year - nearly 10 times greater than the global aid budget - through illicit flows of capital, new research shows. Illicit capital is defined as money extracted from bribery and corruption, the illegal pricing of goods to avoid taxes, and outright tax evasion by individuals and companies.
It’s been reported that US President-elect Barack Obama will launch a major drive to stamp out tax-haven abuse. UBS, the world’s biggest wealth manager, informed shareholders last Thursday that it was preparing to release the names of an unspecified number of US clients who may have committed tax fraud. The IRS has stated that the tax whistleblowing program is succeeding beyond expectations. Therefore, as this new area of the law develops, it is important that one find the right attorneys to assist them in their tax whistleblowing case.