Skip to Content

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. 

Associated Press

Skip to content