OECD and G20 pursue efforts to curb multinational tax avoidance and offshore tax evasion in developing countries #GATCA

Detection of tax evasion is critical for developing countries in particular: US$8.5 trillion of household assets are held abroad. In 2012, more than 25% of all Latin American and almost 33% of all Middle Eastern and African household wealth was held abroad compared to the worldwide average of 6%7. Estimates of tax revenue and illicit financial flows lost by developing countries generally range in the hundreds of billions of US dollars per year, exceeding the amount of official development assistance.

via Byrnes’ Tax & Wealth Management Blog http://bit.ly/1mGyYwt