Africa losing billions in tax evasion
Study suggests total sum owed to governments is equivalent to 10 times entire global aid budget.
Published On 16 Jan 2012
Money taken illegally from the developing world is worth 10 times annual global aid budgets, according to a recent study by a Swedish agency, Forum Syd.
Tax evasions by multinational companies in Africa is so vast that one tax analyst believes that if the money were paid, most of the continent would be “developed” by now.
But, lacking a sophisticated tax code, or the people qualified to enforce tax laws, many African countries continue to lose money that could solve most of its financial problems.
Al Jazeera’s Peter Greste reports from Nairobi.
Source: Al Jazeera