India is losing over  Rs 75,000 crore in taxes every year due to global tax abuse by MNCs and evasion by private individuals, said a report on Friday by the State of Tax Justice, published by the Tax Justice Network.

The said report said that globally countries are losing a total of over  USD427 billion in taxes each year to international corporate tax abuse and private tax evasion. To quantify this loss, the report said that this amount equals to nearly 34 million nurses' annual salaries every year or one nurse's annual salary every second.

With regard to India, the report said USD10.3 billion, or 0.41 percent of the  USD3 trillion GDP, is lost in taxes every year to global tax abuse. Of this, over USD 10 billion is lost to tax abuse by multinational corporations (MNCs) and  USD200 million to tax evasion committed by private individuals. The social impact of the lost tax is equal to 44.70 percent of the health budget and 10.68 percent of education spending. It also equals paying yearly salaries of over 4.23 million nurses. The report further said that India is most vulnerable to illicit financial flows in the form of outward FDI and listed Mauritius, Singapore and the Netherlands as the trading partners which are most responsible for this vulnerability.

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