Thursday, November 11, 2010

Tax evasion by multinationals in developing countries

Poor countries lose more money to tax evasion by multinational corporations than they get from official development aid. The Business & Human Rights Center cited that fact as one reason for launching a special Website section on business and tax avoidance.

In introducing the new section, the London-based center explained:

“NGOs are increasingly reporting on companies that avoid paying a fair share of taxes and royalties to developing countries, thus depriving governments of essential revenues that they need to deliver to their people on development, health, education, housing, access to water, and other human rights.”
Christian Aid, for example, noted that “the lives of 1,000 young children a day are being lost to disease and poverty in poor countries because of illegal trade-related tax evasion.”

Also tracked are positive initiatives taken by companies and company responses and non-responses to negative reports.
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