The world is witnessing a severe recession, jobs are vanishing with unemployment rates rising sky-high, major businesses are going under -- financially, none of us has experienced such hard times ever.
And now visualise the other side of the coin -- trillions of dollars stashed away safely in a tax haven, wealthy tax evaders -- politicians, as well as businessmen -- saving billions and getting richer. . .
How much 'dirty' money is there? Well, there is no exact figure, but the Organisation for Economic Cooperation and Development estimates that at least $11 trillion have been stashed away globally. That is roughly about Rs 5,55,50,000 crore!
India loses a great deal of tax money as firms and individuals park billions into tax havens the world over.
However, with the financial tsunami inundating the world, more and more countries are beginning to clamour for better tax conformity and transparency. Along with the United States and Japan, Germany and France too believe the offshore system not only deprives them of taxes, but also aggravates the financial crisis further.
The issue was dramatised by the case of UBS, the Swiss banking major, who in order to settle the charge that it promoted tax fraud, agreed to divulge the names of some 300 clients to the US. But US says it is yet to receive the names of another 47,000 (American) account holders suspected of tax evasion.
So check out the favourite nations where billions of dollars have been stashed away by the high and mighty. . .
Image: Piggy banks filled with money are piled up during a 'Save Our Economy' campaign in Seoul. | Photograph: Jo Yong-Hak/Reuters
Also read: America's 10 highest-paid CEOs
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