Africa: New Reports Show Massive Tax Losses

analysis

On April 15, "tax day" in the United States, tens of thousands of demonstrators in over 200 communities around the country marched to demand that President Trump make public his tax returns (http://taxmarch.org/home/). Protesters also denounced his use of taxpayer funds for his personal profit and military escalation while his administration continues its assault on spending for urgent public needs at home and around the world. There is no sign that the President will comply with the demand for transparency. But the award of a Pulitzer Prize last week to the international consortium that exposed the Panama Papers was only one indicator that the drive to expose tax evasion, tax avoidance, and corruption around the world will continue.

One new report, from the Tax Justice Network, estimated that global tax losses by governments to "profit-shifting" come to at least $500 billion a year, while another report from Oxfam America cited $1.6 trillion stashed overseas by the 50 largest U.S. companies alone for the purposes of reducing their U.S. taxes. And Shell Oil was forced to admit having paid a $1.1 billion bribe to a former oil minister in Nigeria to facilitate the award of the rich Malabu oil block.

...

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.