Notice: Trying to get property 'display_name' of non-object in /home/theproficientinv/public_html/wp-content/plugins/wordpress-seo/src/presenters/meta-author-presenter.php on line 40
Editor's Pick

UK ranks third in Europe for most unpaid corporate tax with over £21bn owed

The UK ranks third among European countries for the most money lost due to corporate tax abuse on a yearly basis.

The European nation that loses the most money to corporate tax abuse is Germany where, on an annual basis, an estimated £27.3 billion goes unpaid.

This is followed by France where tax abuse losses total £27.2 billion, according to research by tax refund agency RIFT Tax Refunds.

The UK ranks third with losses of £21.2 billion a year, followed by Spain (£4.3 billion) and Luxembourg (£2.2 billion).

The firm analysed data on money lost to corporate tax abuse across a host of foreign nations, before applying this figure to the annual GDP of each nation to reveal where this corporate greed is costing the economy the most.

However, when losses are measured as a percentage of each respective nation’s Gross Domestic Product (GDP), Luxembourg suffers more than any other nation with missing corporate tax equating to 3.77% of GDP.

This is followed by France (1.29%), Hungary (0.99%), the UK (0.96%), and Germany (0.89%).

The nations whose corporate tax losses equate to the smallest percentage of GDP are Ireland (0.02%), Finland (0.10%), Malta (0.10%), Latvia (0.11%), and Italy (0.11%).

“With the general public faced with a cost of living crisis and no sign of any meaningful tax cuts on the way, it’s somewhat galling that the biggest corporations are costing the UK economy more than £21 billion every year by shirking their tax paying responsibilities,” said the CEO of RIFT Tax Refunds, Bradley Post.

“It is a glaringly obvious case of corporate greed and those in power should be doing more to cut down on the amount of wiggle room these businesses are able to find when everyday families are struggling to survive,” he concluded.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Your daily news source covering investing ideas, market stocks, business, retirement tips from Wall St. to Silicon Valley.

Disclaimer:

TheProficientInvestor.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 TheProficientInvestor. All Rights Reserved.

To Top