Research released by Oxfam declared that global poverty could be solved entirely if taxes were applied to the offshore assets across the globe. At a rate of 3.5% taxation on the USD trillions of assets and capital held in hidden havens could generate USD 156 billion in extra tax revenue.
According to Oxfam, this taxation could end global poverty with room to spare. Oxfam research indicates that USD 66 billion per year is the cost of funding poverty reduction. If the taxation were to take place, it would ensure that every person in the world could be given a minimum income of USD 1.25 per day. This minimum income is the estimated amount of money needed to lift one person out of poverty.
Currently there are USD 18.5 billion in assets and capital in offshore jurisdictions with approximately USD 12 billion being held in European tax havens such as Luxembourg, Andorra, and Malta.
– Kira Maixner