“A persistently large amount of profits is shifted to tax havens: $1 trillion in 2022”, lamented the EU Tax Observatory in its report on global tax evasion 2024, published on Monday 23 October. The loss of corporate tax revenue caused by this transfer represents almost 10% of corporate tax revenues collected worldwide.
US multinationals are responsible for around 40% of profit shifting worldwide, and continental European countries appear to be the hardest hit.
In addition, the OECD...