In developing countries, and the sub-Saharan region especially, the scale of unmet basic needs is enormous. In addition, Oxfam estimated that developing countries lose between US$100 billion to US$160 billion annually to corporate tax dodging. Zambia and NigeriaZambia and Nigeria provide examples of tax dodging practices among transnational corporations, enabled by tax havens. In an age of globalisation, developing countries have been encouraged to deregulate and privatise their economies to attract foreign investment. Consequently, the continent may continue to lose billions of dollars to the activities of transnational corporations and their affiliates.

Source: News 24 April 07, 2022 05:29 UTC