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Oxfam Reaction to David Cameron calls for G7 to clamp down on corruption
Responding to David Cameron’s call for a global crackdown on corruption by G7 leaders meeting in Germany for their annual summit this weekend, Jorn Kalinksi, Oxfam G7 spokesperson said:
“David Cameron’s is right to put a spotlight on corruption which is a problem for all countries across the globe. Corruption wastes valuable resources that could be used to tackle poverty. It exacerbates inequality as the richest write the rules of the game in their favour and leave the rest behind.
"In 2010 alone, G7-based companies cheated Africa out of an estimated $US6 billion through one illicit form of tax dodging – trade mispricing. This is equivalent to more than three times the amount needed to plug the healthcare funding gap in the Ebola affected and vulnerable countries of Sierra Leone, Liberia, Guinea and Guinea Bissau.
"Just as pressing is the legal but morally dubious practice of tax avoidance. The IMF estimates that one form of tax avoidance is costing developing countries US$105 billion dollars a year – this is equivalent to the amount the G7 gives in overseas aid every year.
“As part of a global clampdown on corruption G7 leaders must commit to ambitious tax reforms and progress on improving financial and tax transparency for the benefit of all countries. They must not be content to close tax loopholes at home while letting multinational companies sidestep their tax obligations across the developing world.”
IMF figures are from the IMF’s working paper, Base Erosion, Profit Shifting and Developing Countries