Tagged: tax havens
If G20 nations were hit as hard by corporate tax dodging as Africa, they’d have a $1.2 trillion hole in their budgets.
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.
Oxfam estimates that the proposed EU aid cuts could be enough to have lifted more than 4.6 million people in the poorest countries out of extreme poverty. The proposed cuts to emergency aid alone would mean the EU is turning a blind eye on the plight of 150 million people affected by disasters or conflicts.
Oxfam today revealed that just over a quarter of the taxes that could be raised each year from money currently hidden away in tax havens would be enough to lay the foundation for ending global hunger.