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Until 2015, the equivalent of nine percent of global GDP was held untaxed in tax havens. This has now fallen to between three and four percent (Photo: Unsplash)

Global 'billionaires tax' could raise €236bn, report finds

Billionaires pay far less tax than ordinary citizens relative to their income, and in many countries use personal holding companies to avoid income tax at the "border of legality" — but no serious effort has been made to address the situation, says a new report by the EU Tax Observatory.

So far, effective tax rates on the wealth of the world's richest have remained very low [at 0-0.5 percent].

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Author Bio

Paula joined EUobserver in January 2023 and left for Euronews in 2024. Previously she worked for the Spanish online newspaper El Confidencial, where she covered mainly economic and financial affairs.

Until 2015, the equivalent of nine percent of global GDP was held untaxed in tax havens. This has now fallen to between three and four percent (Photo: Unsplash)

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Author Bio

Paula joined EUobserver in January 2023 and left for Euronews in 2024. Previously she worked for the Spanish online newspaper El Confidencial, where she covered mainly economic and financial affairs.

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