Arab Today, arab today corporate tax dodging is corruption
Last Updated : GMT 08:44:50
Arab Today, arab today
Arab Today, arab today

World Bank President Jim Yong Kim:

Corporate tax dodging is 'corruption'

Arab Today, arab today

Arab Today, arab today Corporate tax dodging is 'corruption'

World Bank President Jim Yong Kim
Washington - AFP

The head of the World Bank, Jim Yong Kim, criticized companies dodging taxes Thursday, calling it corrupt behavior that ultimately hurts the poor.

The World Bank president said that developing countries needed to build more equitable taxation that could bring in revenues that "could easily eclipse official development assistance" they receive.

"Some companies use elaborate strategies to not pay taxes in countries in which they work, a form of corruption that hurts the poor," Kim said in a speech ahead of the World Bank and International Monetary Fund annual meetings next week in Lima, Peru.

According to a recent United Nations report, tax evasion is costing an estimated $100 billion in lost public revenues in poor countries.

The world's central bankers and finance ministers, at the Lima meetings next week, are expected to approve a broad action plan aimed at battling multinationals' strategies to reduce their tax burdens and shelter profits in tax havens.

In his speech, Kim argued that economic growth alone was not enough to help pull people out of poverty.

"A focus on GDP growth is simplistic," he said.

"We reject 'trickle-down' approaches that assume any undifferentiated growth permeates and fortifies the soil and everything starts to bloom even for the poor.

"We need to find an economic growth model that's inclusive, that lifts up the poorest citizens rather than maintains those at the top."

Anti-poverty nongovernmental organization Oxfam welcomed Kim's speech, and in particular his rejection of trickle-down economics.

"Jim Kim rightly points out that the very wealthiest are capturing an excessive share of the proceeds from growth and too often this enriches only those at the top," said Nicolas Mombrial, head of Oxfam's office in Washington.

He called on Kim to support at the upcoming World Bank-IMF meetings "a process that has all countries on an equal footing so an international corporate tax system is created that works in the interest of the majority -- not the vested interests of the few."

The 188-nation World Bank, the leading development lender, has set targets of eradicating extreme poverty by 2030 and boosting the shared prosperity for the bottom 40 percent of the population in developing countries.


Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today corporate tax dodging is corruption Arab Today, arab today corporate tax dodging is corruption

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today corporate tax dodging is corruption Arab Today, arab today corporate tax dodging is corruption

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: حوارات وتقارير
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday