Tagged: tax dodging
The G20’s plan to tackle corporate tax dodging, devised by the Organisation for Economic Co-operation and Development (OECD), needs a radical shake up so that developing countries can capture their fair share of foreign business activity, according to a new report published today by Oxfam.
Inequality in Africa is rising to dangerous levels and unless checked will undermine the usefulness of economic growth on the continent.
During the two days of the G8 Summit, which starts today, $2.2 billion in illicit flows will have hemorrhaged from developing countries into tax havens and land one and a half times the size of Manhattan sold off to foreign investors.
Since 2000, companies in G8 countries have acquired land in developing countries more than the size of the whole of Ireland. This is enough to feed 96 million people every year – almost the total population of the UK and Canada.
At least $18.5 trillion is hidden by wealthy individuals in tax havens worldwide, representing a loss of more than $156 billion in tax revenue, according to new figures published today by international agency Oxfam.