Report: Tax evasion schemes cost treasuries $175 billion

BERLIN (AP) — A German report says elaborate tax evasion schemes have cost some of the world’s major treasuries a total of at least $175 billion in lost revenue over the past two decades. The report Thursday coordinated by German outlet Correctiv followed up on a 2018 story that had put the damage at around $64 billion. It centers on schemes such as so-called “cum-ex” transactions, in which participants swapped shares to collect reimbursement for taxes they hadn’t paid, and “cum-cum” deals. The latter are transactions in which at least two traders in at least two different countries sold each other shares to avoid losing money on dividend tax.