“A warm welcome to the 473rd post of the Zingcreed blog, which looks for convergences between the teachings of Jesus and critiques of capitalism. Trans National Corporations (a.k.a. Multi National Companies) are the high profile flagships of the free enterprise system. They wander at will through the ‘ Free World’ “like free foxes in a free chicken run”. (Che Guevara). Here is a critique from a secular source that any Christian should be proud to highlight. The abomination that is ‘trade mispricing’ is not a secret, though perhaps we were not aware of the alarming scale of it. It’s an issue that I for one would like to have seen discussed in last month’s British general election, along with tariffs and quotas and all the other Western imposed hurdles that protect Western economies and damage Third World trade. Fat chance!
Peter Turner, M.A., M.Sc.”
Africa losing billions in tax dodge
Businesses are cheating Africa out of £3.9billion a year, according to Oxfam.
The charity is demanding leaders from the G7 countries put an end to the ruse, known as ‘trade mispricing’ when they meet next week.
Any multinational is able to move its profits out of a country before they can be taxed if it is billed by another part of its company in a different country.
“These vital tax revenues could help vulnerable people get decent healthcare and send their children to school,” said Nick Bryer of Oxfam. “We need to ensure big companies pay their fair share.”
Metro (free London newspaper) 1/6/2015
Related Zingcreed Posts:
Us versus them: the TTIP of the iceberg
Africa, the financial ins and outs
Tax dodging costs third world billions
UK government muzzles anti-poverty campaigners
611: Crimes of the bourgeoisie # 12: Accountants rip off Africa