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Friday, 20 September 2013

Tax dodging: NGOs blame how EU firms affect poor countries

NGOs claim that European Union (EU) firms deprive economically struggling countries by dodging taxes. Concord, a group of non-governmental organizations (NGOs), stated that the tax revenues that are being withheld from these poorer countries add up to about $100 billion, due to the lack of appropriate EU policies.
Concord added that although the EU is legally bound to policy coherence for development (through the Lisbon treaty), its policies are sill and inadequate and ineffectively corrected. As a rebuttal, the Commission stated that legislation already requires large companies to disclose governmental payments over €100. Concord still demands that European council extend the automatic exchange of tax information with developing countries to enable better communication and an increase in accountability.

Source: The Guardian