Elimination of Tax Havens an Important Goal at G8 Summit


BELFAST, Ireland – Tax havens such as the ones found in Africa, Belize, the Cayman Islands, and the Isle of Man, have for many years been targeted because they attract companies with their lax taxation policies.

British Prime Minister David Cameron said at the recent G8 summit held in Northern Ireland that companies evading taxes means that everyone else suffers as a result of their advantage. He stated that the program he outlined for the G8 was about “proper companies, proper taxes and proper global rules ensuring that openness delivers the benefits it should for rich and poor countries alike.”

Cameron is not the only one who thinks the elimination of tax havens is important. Approximately two thousand protesters came together in Belfast during the summit in support of changes in international tax policies that may help to end world hunger.

Such a change could help facilitate the economic dependence of many nations, which is an important observation for nations giving large amounts of aid. In an interview with BBC Radio, former U.N. Secretary General Kofi Annan reports that Africa alone could be losing $60 billion per year in tax revenue, and that remedying this could change the lives of many of the continent’s poorest people. Annan affirmed that Africans would always prefer to work for themselves and trade internally rather than survive on handouts.  He also called for transparency, saying that the governments themselves need to publicly account for how they spend such revenues.

– Samantha Mauney

Sources: BBC Radio, Yahoo Australia
Photo: Monsters and Critics


About Author


BORGEN Magazine is an initiative of The Borgen Project.

Comments are closed.