Friday, May 2, 2014 - 09:48
Poor countries hit hard by corporate tax tricks: Oxfam Novib
Poor countries are losing billions in taxes annually because international corporations abuse tax rules, according to aid organization Oxfam Novib in a report. The Organization for Economic Cooperation and Development (OESO) has constructed a plan to counteract corporate tax dodging. According to Oxfam, however, this is not going far enough. The report, Business Among Friends, put together by Oxfam, states that tax incomes in some developing countries could rise by more than 100 percent if multinationals would hand over taxes in those countries where they are active in the economy. In the Philippines, for example, the country's tax incomes could go up 75 percent. India with 180 percent and Honduras with a staggering 400 percent. These kinds of figures are unreachable for poorer countries because of the lack of extensive data collection. According to Oxfam, these countries could profit with stricter rules. This subject will be under debate at the OESO-summit in Paris next week. Oxfam director Byanyima will take that time to encourage a fair and equal tax system that respects the interests of all countries.