1) Countries around the world are losing over $427 billion annually to international tax abuse through tax havens, which amounts to 9.2% of health budgets on average. This lost tax revenue could pay for 34 million nurses' salaries. 2) Lower-income countries lose an even higher percentage, with 52.4% of their health budgets going to tax havens each year. 3) The COVID-19 pandemic has highlighted the need to overhaul international tax systems to prioritize funding public services and peoples' well-being over benefiting the rich and powerful through tax havens.

1. PESTEL -POLITICAL GROUP
LEEL ASWATHY ASOK
BATCH C

2. FIGHTING FINANCIAL
SECRECY IS A WAY
TO FIGHT COVID
JAYATI GHOSH | UPDATED ON DECEMBER 06, 2020 PUBLISHED ON DECEMBER 06, 2020

3. Global tax rules must be rewritten to bring in more transparency and make tax
revenues available for development
If most states in the world are unable to cope with the Covid-19 pandemic today, it is
also because of the persistence of tax havens. By stealing hundreds of billions of
dollars from countries around the world every year, these tax havens make it difficult
for governments to fund hospitals, school systems, or programs against inequality.
More ambitious efforts like reaching the UN Sustainable Development Goals are nearly
impossible.
Unfortunately, the pandemic is probably only the first of a series of larger crises
awaiting us, driven by the growing climate emergency. It is appalling to realise that in
such a situation, the world is losing over $427 billion in tax each year to international
tax abuse. This is what emerges from a report that has just been jointly launched by
Tax Justice Network, Public Services International and the Global Alliance for Tax
Justice.
Called “State of Tax Justice 2020”, it tells us how much each country in the world loses

5. • COUNTRIES AROUND THE WORLD ARE ON AVERAGE LOSING THE EQUIVALENT
OF 9.2 PER CENT OF THEIR HEALTH BUDGETS TO TAX HAVENS EVERY YEAR,
WHICH WOULD ALLOW THEM TO PAY FOR 34 MILLION NURSES’ SALARIES. WHILE
THIS TAX SHORTFALL REPRESENTS 8.4 PER CENT OF HEALTH BUDGETS FOR
HIGHER-INCOME COUNTRIES, THE PROPORTION JUMPS TO 52.4 PER CENT IN
LOWER-INCOME COUNTRIES.
• THE CORONAVIRUS PANDEMIC HAS EXPOSED THE GRAVE COSTS OF AN
INTERNATIONAL TAX SYSTEM SERVING THE INTERESTS OF THE RICH AND THE
POWERFUL. NOW MORE THAN EVER, GOVERNMENTS MUST OVERHAUL THEIR
TAX SYSTEMS TO PRIORITISE PEOPLE’S WELL-BEING.

6. • DIPP - DEPARTMENT OF INDUSTRIAL POLICY & PROMOTION
• TAX HAVEN - A TAX HAVEN IS A COUNTRY OR PLACE WITH VERY LOW
"EFFECTIVE" RATES OF TAXATION FOR FOREIGN INVESTORS. IN SOME
TRADITIONAL DEFINITIONS, A TAX HAVEN ALSO OFFERS FINANCIAL SECRECY.