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Jamaica: $4b Tax Cheats – Multinationals Under Microscope For Offshoring Wealth

Jamaica’s public service is being robbed of at least $4 billion yearly because of elaborate tax avoidance and tax-evasion schemes used by some companies, a new report has suggested.

Fingers are being pointed particularly at multinational corporations that funnel huge profits back to their host countries but pay very little in the countries they operate.

The report published by Public Service International stated that approximately US$20 million in yearly tax losses can be directly attributed to multinational corporations, while US$9 million can be pinned on private individuals.

“They are siphoning off money that should be employed in our education and health sectors, for example, and are funnelling it into offshore tax havens,” Helene Davis Whyte, trade unionist and general secretary of the Jamaica Association of Local Government Officers, said during a briefing on Wednesday.

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