'India losing over Rs 70,000 crore in taxes to other countries'



MUMBAI: Countries are losing over $427 billion in tax each year owing to international corporate tax abuse and private tax evasion. India’s annual tax loss aggregates to $10.3 billion.


‘The State of Tax Justice – 2020’, which is the inaugural edition of the report, expns that of the $427 billion in tax globally lost by countries each year to tax havens, $245 billion (or 57.4%) is directly lost owing to corporate tax abuse by multinational corporations (MNCs) and $182 billion (or 42.6%) owing to private tax evasion.


The report analyses data that was self-reported by MNCs to tax authorities, owing to the Base Erosion and Profit Shifting (BEPS) project spearheaded by the Organisation for Economic Co-operation and Development (Oecd).


MNCs paid billions less in tax dues by shifting $1.38 trillion worth of profit out of the countries where they were generated and into tax havens, where corporate tax rates are extremely low or non-estent. Private tax evaders paid less tax than they should have by storing a total of over $10 trillion in financial assets offshore, adds the report.


Solutions suggested by TJN and other partners to this study, are that go nments should introduce an excess profit tax on MNCs such as global digital companies, who are making excess profits during the pandemic. They also propose introduction of wealth tax with punitive rates for opaquely-owned offshore assets. Lastly, as Oecd is perceived as a rich-countries conglomerate, they seek a United Nations (UN) tax convention to set multilateral standards for corporate taxation and ensure tax co-operation between go nments.


Higher income countries are responsible for 98% of global tax losses borne by countries which aggregates to over $ 419 billion each year. On the other hand, lower income countries are responsible for just 2% of the global losses, which results in annual tax loss of over $8 billion, states the report.


According to it, the five jurisdictions most responsible for countries’ tax losses are led by Cayman Islands (a British territory) which accounts for 16.5% of global tax losses, aggregating to over $70 billion. This is followed by UK, accounting for 10% of global tax losses of over $42 billion and Netherlands, which is responsible for 8.5% of global tax losses of over $36 billion. Luxembourg is responsible for global tax losses of over $27 billion (6.5%) and US accounts for 5.5% of global tax laws, of over $23 billion.



Sunstar Abound

its a lawful and legal co ption



Amrit Bindra

Absurd! As % of GDP India’s tax evasion has to be amongst the highest in the world. Indians will forego receipts even to avoid 1% tax. Most traders don’t pay any IT.




Ishita S

So many middle class people lost their lives due to demonetisation .. Middle class man honestly pays tax .. However corporates evade tax and nothing happens to them ...



Verma Suresh

MNCs are making excess profits




Don't ask questions, just pay taxes my fellow countrymen, else you will be branded as anti-National..




Indians get absolutely no returns for their tax money paid through their life. No pension when you retire, no free health care in quality hospitals, horrible roads dug up constantly, no proper foot paths to walk or even cross the road for the elderly.



Afaq Zubair

Another masterstroke by Modi re gie



Asok Datta

the more the tax is the more will be evaded



satheesh kumar

Indians lose 100s of crores as bribe to go nment offi als like police, ricity , registrar , municipality etc... why those offi als are not dying in corona ??



himwant prasad

Indian tax sy em is anti-business. Low rate of our growth is due to too much emphasis on tax.



Sanjeev Grover

We pay 30% tax and 250% tax on petrol.



Rajesh Tripathi

Frankly there should be an audit on how Indian Po iticians with no income become billionaires within 5 years of being power.




Best strategy is to make India a tax heaven. Money will just rush in.



Ruud Van Nistelrooy

There will zero tax losses by 2024 as Modi(kuch bhi mumkin hain) will take India below Zimbabwe economy....



ajay t

European Country Tax Collection = 48% of GDP. Healthcare and Education free.

US Tax Collection = 36% of GDP

Education till High School free and HealthCare NOT free

India Tax collection is just 18% of GDP

So Education and Healthcare are not free

欧洲国家的税收= GDP的48%。提供免费医疗和教育。

美国税收= GDP的36%,教育直到高中都是免费的,医疗不免费



Deepak Malyan

Modi can recover tax only from common people.


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