UK Failing to Recover £11BN in Unpaid Corporate Tax
UK Chancellor Rachel Reeves discussed budget challenges as the Tax Justice Network released a report on potential corporate tax recovery.
The report reveals that the UK could have recovered £11 billion in corporate tax from tax havens by using a transparency measure available since 2016.
- The measure has been used by Australia and EU countries this year.
- Research shows it can reduce multinational corporations' tax cheating by over a quarter.
The UK government has had this measure since 2016, but has yet to use it.
Author's summary: UK misses £11BN in corporate tax due to unused transparency measure.
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