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Article

11 Nov 2014

Author:
Karlis Salna, AAP (Australia)

Oxfam Australia calls on G20 world leaders to crack down on tax avoidance depriving poor countries of funds to address health issues

"Poor countries victims of tax dodge: Oxfam", 11 Nov 2014

Oxfam is urging world leaders at the G20 to crack down on tax havens, saying poorer countries are losing $100 billion a year through tax avoidance…It's hoped there will be a commitment to crack down on companies that use profit shifting and other accounting tricks to avoid or evade tax…An Oxfam report shows the use of tax havens and tax-dodging by multinational corporations is costing poorer countries $US100 billion each year…Dr Szoke [Oxfam Australia chief] said key issues that must addressed include tax competition between countries, where poor countries reduce their tax rate to attract foreign investment, and the question of where profits are taxed…Citing the example of Sierra Leone, [she] said that in 2012, tax incentives for multinationals operating in the poor west African country were equivalent to 59 per cent of the country's entire budget, and more than eight times the government's spending on health…