Africa, will in july hold a conference in Adis Ababa Ethiopia on global tax system.
According to Oxfam’s Senior Policy Advisor, Vanessas Inko-Dokubo , international tax system is broken and unfair, that hampers Africas ability to raise more tax revenue, by a system that facilites tax dodging by multinational companies ,but favours rich countries where multinational companies are resident.
Inko-Dokubo added that, by that means, it encourages poor countries to give in more generous tax breaks, and lower tax rates to attract foreign investments ,and that makes the incoming July conference FfD3 Conference the perfect time to ensure all parties agree to tackle this problem.
Inko-Dokubo who spoke during the Financial meeting at the 2015 African development Bank annual meeting in Abidjan, also added that , there is a lot of evidence that shows African countries losing billions of dollars in illicit Financial flows every year, stating that ‘ Things wont change if African government dont push for it at the international level and African leaders must stand together and call for a global ministerial roundtable on international tax reform.The round table should have the mandate to create a roadmap for a fairer future tax system, including an intergovernmental body on international cooperation in tax matters Under the UN.Only then will we have an inclusive political framwork where all countries can participate in tax negotiations on an equal footing.(one country one vote.)without this fundamental rebalancing of the global tax system, Africa will be deprived of significant resources required to drive its structural transformation.”
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