Spain loses 15.6% of its revenue from Corporate Tax because the company was established in a tax-free country. The European Tax Observatory estimates this percentage based on data from 2020, a year in which Spain was unable to accommodate 3,620 million dollars (around 3,400 million euros) which should go into the state treasury for profits declared by Spanish companies in countries or jurisdictions with relaxed taxes. However, the distribution of corporate losses is concentrated in EU member states, as 13.1% of state revenues are not derived from companies. -almost 2.9 billion euros- come from community countries, and 2.5% from the rest of the world.

In a report on tax avoidance published this Monday, the organization in collaboration with other prestigious economists such as Joseph Stiglitz or Thomas Piketty, calculated it on a global scale in 2022. A trillion dollars moved to tax havens.

This means multinational companies diverts 35% of all their profits out of their home country and the result is a loss equivalent to the state treasury 10% of the collection.

It should be remembered that the observatory considers countries included in the FATF list as tax havens, but also other countries that function as financial platforms, such as Switzerland, and even some countries in the European Union which attracts companies with various incentives, such as Ireland, Belgium or the Netherlands.

Great economy

This form of legal evasion is a practice that impacts other major countries, as losses represent 14.4% of ISIS in France, 11.9% in the United States, and up to 25.1% in the UK, and 26.2% in Germany .

The report’s authors also made projections of the total financial assets of individuals domiciled in tax havens, which they estimated on a global scale. amounting to 12 trillion dollars by 2022equivalent to 12% of world gross domestic product (GDP).

Over a longer period of time, between 2001 and 2022, that percentage of financial wealth (excluding physical assets such as works of art, homes, or yachts) fluctuates, however it remains around 10% of GDP.

140,000 million in tax-free countries

Spanish taxpayers in 2022 have 148,000 million dollars (around 140,000 million euros) which accounts for around 10.6% of GDP, a percentage comparable to 19.6% in France, 9.3% in Germany, 40.5% in the UK, 6.3% in the United States, 9 .8% in Italy or 22.4% in Portugal.

Switzerland This is by far the main option for Spaniards to store their assets, although it has decreased significantly compared to 2001. In that year, Spaniards’ financial assets amounted to almost 10% of GDP, compared to 3.9% of Current GDP. . In other EU countries it is 3.7%, while 1.9% is in Asian tax havens and 1% in American tax havens.

An undoubted evolution This is related to the end of banking secrecy which must be accepted by the Swiss authoritiesdue to pressure especially from the United States.