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Multinational tax evasion is entrenching poverty and weakening developing country economies, Oxfam has warned ahead of the G20 leaders meeting in Russia to chart a plan for boosting global economic growth.
During the two days of the G8 Summit, which starts today, $2.2 billion in illicit flows will have hemorrhaged from developing countries into tax havens and land one and a half times the size of Manhattan sold off to foreign investors.
At least $18.5 trillion is hidden by wealthy individuals in tax havens worldwide, representing a loss of more than $156 billion in tax revenue, according to new figures published today by international agency Oxfam.