India losing USD 10.3 bn in taxes per year due to tax abuse by MNCs, evasion by individuals: Report | India lost 75 thousand crore rupees of tax every year due to misuse of corporate tax

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  • India Losing USD 10.3 Bn In Taxes Per Year Due To Tax Abuse By MNCs, Evasion By Individuals: Report

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new Delhi14 hours ago

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The report states that private tax payers have paid less tax and amassed more than $ 10 trillion in financial assets abroad.

  • Due to tax evasion, the entire world has about 31 lakh crores. the loss of
  • India fails to stop illegal finance due to external FDI

Due to misuse of multinational companies or corporate tax and evasion of private tax, India is losing about $ 10.3 billion to about 75 thousand crore rupees every year. This has been revealed in a report. According to the report of The State of Tax Justice, this tax evasion leads to a loss of about 31 lakh crores rupees every year to all countries 427 billion dollars. This loss is equivalent to an annual salary of 3.4 crore nurses.

Loss of 0.41% of GDP

Talking about India, the loss of $ 10.3 billion in global tax misuse is equal to 0.41% of GDP. Of the total tax loss of $ 10.3 billion, the loss of about 200 million rupees to 1400 crores is due to evasion of private tax. The social impact of India’s total tax loss is calculated to be 44.70% of the country’s total health budget and 10.68% of the education expenditure. With this loss, 42.30 lakh nurses can be given annual salary.

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India weakest to stop illegal financial flow

The report said that India is the weakest in curbing illegal financial flows in the form of external FDI. Trading partners such as Mauritius, Singapore and the Netherlands are most responsible for this weakness. The report is published by The Tax Justice Network in association with Global Union Federation Public Services International and The Global Alliance for Tax Justice. The report also details the misuse of global tax and the government’s efforts to combat this threat.

Multinationals sent $ 1.38 trillion tax to tax haven countries

According to the report, globally multinational companies have sent $ 1.38 trillion in profit tax havens to countries. This has led companies to earn more profits by paying less tax. In tax haven countries, corporate tax is non-existent or nonexistent. According to the report, private tax payers have paid less tax and amassed more than $ 10 trillion in financial assets abroad.

Tips to stop tax evasion

  • Governments should impose a higher profit tax on multinational companies.
  • Profit tax should also be levied on global digital companies that earn high profits in the coronary period.
  • The government should levy wealth tax on assets abroad.

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