UK Fails to Recover £11BN in Unpaid Corporate Tax
UK Chancellor Rachel Reeves discussed budget challenges as the Tax Justice Network published a report revealing the UK could have recovered £11 billion in corporate tax from tax havens.
A simple transparency measure, available since 2016, remains unused by the UK government. In contrast, Australia and EU countries have started using this measure, which can reduce tax cheating by over a quarter.
The measure can reduce multinational corporations’ tax cheating by over a quarter.
The UK is leaving £11 billion in unpaid corporate tax on the table.
Author's summary: UK misses £11BN in tax revenue.