Unless substantial reforms are made to global tax rules, countries around the world are on course to lose $4.7 trillion in tax revenue over the next 10 years as multinational corporations and wealthy individuals use tax havens to underpay tax, an international tax fairness advocacy group estimates.
The Tax Justice Network made this warning in its annual State of Tax Justice report, published on Tuesday.
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Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.