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Friday, 23 April 2010

Tax and development: promoting good governance in taxation

Why do we need a Communication on Tax and Development? Supporting developing countries in mobilising domestic revenues and in fighting tax evasion is key in efforts to eradicate poverty as measured by the Millennium Development Goals. Increasing domestic revenue enables these countries to spend more on sustainable public services needed to achieve these goals. Efficient, fair and sustainable tax systems are also critical for state building and promoting democracy and improved economic governance. The EU is committed to tackling the issue of tax governance in developing countries, and to drawing attention at the international level to the considerable impact that taxes have on development. Taxation has global consequences - all over the world, governments lose billions in revenue every year because of harmful tax practices – both developed and developing countries are affected. According to a Norwegian government commission illegal money flows from developing countries were at least seven times higher than official development assistance. Plugging these tax "leaks" requires International tax cooperation and making developing countries benefit from international initiatives.

Source: European Commission