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HomeMonitoring the amount of wealth hidden by individuals in international financial centres and impact of recent internationally agreed standards on tax transparency on the fight against tax evasion
Final report
Monitoring the amount of wealth hidden by individuals in international financial centres and impact of recent internationally agreed standards on tax transparency on the fight against tax evasion
Final report
Julkaisun metatiedot
This study advances research in the area of monitoring wealth hidden by individuals in international financial centres (IFCs) and on the effects of policy measures to tackle this, in particular tax transparency agreements Council Directive 2014/107/EU and the OECD Common Reporting Standard. The methodology of this study is based on literature review, stakeholder consultations and analysis of public statistics. The study focuses on the ‘who’ (individuals), ‘what’ (asset categories), ‘how’, ‘how much’ and why individuals hide wealth as well as the impact of tax transparency agreements. This study also provides estimations for offshore wealth held in cash, life insurance and real estate. Key findings are that global financial wealth amounted to USD 9.8 trillion (EUR 8.6 trillion) in 2018, down from USD 10.2 trillion (EUR 8.5 trillion) in 2017 and USD 7.7 trillion (EUR 7.3 trillion) in 2016. Tax loss for EU-27 is estimated at EUR 124 billion for 2018.The significant rise in numbers between 2016 and 2018 can be mainly explained by the increase in equity security prices between 2016 and 2017/18. Cross-border deposits held in IFCs decreased by 22% between 2014-2016, and specifically for the EU a decrease of 8% was observed over the period 1Q 2017–3Q 2019.
- Julkaistu:
- Tekijäorganisaatio (t): ECORYS , Verotuksen ja tulliliiton pääosasto (Euroopan komissio)
- Aiheet: Verotus
- Aihe: aineeton omaisuus , EU:n jäsenvaltio , finanssivalvonta , pääomavirta ulkomaille , rahoitusmarkkinat , varallisuus , veropetos
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| ISSN | ISBN 978-92-76-28955-5 | DOI 10.2778/647791 | Luettelonumero KP-02-21-060-EN-N |
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Paperikopio
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| ISSN | ISBN 978-92-76-29225-8 | DOI 10.2778/291262 | Luettelonumero KP-02-21-060-EN-C |
- Released on EU Publications:
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