Australia loses $US24 billion to offshore tax evasion

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.