UK ranks third in Europe for many unpaid company tax with over £21bn owed

The UK ranks third amongst European international locations for probably the most cash misplaced resulting from company tax abuse on a yearly foundation.

The European nation that loses probably the most cash to company tax abuse is Germany the place, on an annual foundation, an estimated £27.3 billion goes unpaid.

This is adopted by France the place tax abuse losses complete £27.2 billion, in response to analysis by tax refund company RIFT Tax Refunds.

The UK ranks third with losses of £21.2 billion a yr, adopted by Spain (£4.3 billion) and Luxembourg (£2.2 billion).

The agency analysed information on cash misplaced to company tax abuse throughout a number of international nations, earlier than making use of this determine to the annual GDP of every nation to disclose the place this company greed is costing the economic system probably the most.

However, when losses are measured as a share of every respective nation’s Gross Domestic Product (GDP), Luxembourg suffers greater than every other nation with lacking company tax equating to three.77% of GDP.

This is adopted by France (1.29%), Hungary (0.99%), the UK (0.96%), and Germany (0.89%).

The nations whose company tax losses equate to the smallest share of GDP are Ireland (0.02%), Finland (0.10%), Malta (0.10%), Latvia (0.11%), and Italy (0.11%).

“With most people confronted with a price of dwelling disaster and no signal of any significant tax cuts on the best way, it’s considerably galling that the largest companies are costing the UK economic system greater than £21 billion yearly by shirking their tax paying obligations,” stated the CEO of RIFT Tax Refunds, Bradley Post.

“It is a manifestly apparent case of company greed and people in energy must be doing extra to chop down on the quantity of wiggle room these companies are capable of finding when on a regular basis households are struggling to outlive,” he concluded.



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