Tagged: tax havens
Inequality in Africa is rising to dangerous levels and unless checked will undermine the usefulness of economic growth on the continent.
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.