What are the global impacts of tax evasion?

What are the global impacts of tax evasion?

Tax evasion significantly affects economies by reducing government revenue, which can lead to cuts in public services.

How does tax evasion affect developing countries specifically?

In developing countries, tax evasion can exacerbate poverty and hinder economic growth by limiting funds for essential services.

Are there any international efforts to combat tax evasion?

Yes, initiatives like the OECD's BEPS project aim to address tax avoidance and improve tax compliance globally.

What are some common methods of tax evasion?

Common methods include underreporting income, inflating deductions, and using offshore accounts to hide assets.

How can individuals help reduce tax evasion?

Individuals can help by reporting suspicious activities, advocating for transparency, and supporting fair tax policies.