Western Companies Cheat Africa Out of Billions of Dollars

Western Companies Cheat Africa Out of Billions of Dollars

Editor: Vladimir Bajic | Tactical Investor

Western Companies Cheat Africa

Africa was cheated out of US$11bn in 2010 through just one of the tricks used by multinational companies to reduce tax bills, according to new Oxfam report, ‘Africa: Rising for the few.’ This is equivalent to more than six times the amount needed to deliver universal primary healthcare in the Ebola-affected countries of Sierra Leone, Liberia, Guinea and Guinea Bissau.

Oxfam’s findings come as African political and business leaders attend the 25th World Economic Forum Africa in South Africa. The main theme of the meeting will be how to secure Africa’s economic rise and deliver sustainable development. Reforming global tax rules so that Africa can claim the money it is due – and which is needed to tackle extreme poverty and inequality – is critical if the continent is to continue its economic rise.

Oxfam is calling for all governments to send their Head of State and Finance Ministers to the Financing for Development Conference in Ethiopia, in July. The Addis conference will set out how the world will finance development for the next two decades and is an opportunity for governments to start developing a more democratic and fairer global tax system. Full Story

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