Britain has ‘single-handedly’ done more to undermine world’s tax system than any other nation.
By Ben Champan and cross-posted from The Independent
The UK is by far the world’s biggest enabler of corporate tax dodging, helping funnel hundreds of billions of dollars away from state coffers, according to an international investigation.
Of the top 10 countries allowing multinationals to avoid paying billions in tax on their profits, four are British overseas territories.
Chancellor Philip Hammond has pledged to crack down on multinationals like Google and Amazon that boost profits by shifting huge sums through low-tax jurisdictions
But an index published today by the Tax Justice Network found that the UK has “single-handedly” done the most to break down the global corporate tax system which loses an estimated $500bn (£395bn) to avoidance.
The amount dodged globally each year is more than three times the NHS budget or roughly equivalent to the entire Gross Domestic Product (GDP) of Belgium. Tax haven territories linked to Britain are responsible for around a third of the world’s corporate tax avoidance risk – more than four times the next greatest contributor, the Netherlands…