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Corruption costing $1 trillion in taxes globally, IMF says

( April 4, 2019, 15:26 GMT | Official Statement) -- MLex Summary: Failure to combat corruption is costing national treasuries $1 trillion in taxes a year, the International Monetary Fund said in a study on the effects of corruption on fiscal policy. The IMF said countries that significantly improved their control of corruption between 1996 and 2017 saw an increase of 1.2 percentage points in government revenues as a share of gross domestic product. "If that improvement is applied to all countries, the implied increase in total tax revenues could be $1 trillion, or 1.5 percent of global GDP; the gains would be greater considering that lower corruption would raise economic growth, further boosting revenues," the IMF said. "A country in the top 25 percent in terms of control of corruption collects 4.5 percent of GDP more in revenues, on average, than a country in the lowest 25 percent," the IMF said.See documents below....

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