« Another 10,000 Tibetan antelopes killed | Main | PHOTO: A home in the ruins »

02/12/2013

Multinationals must pay more tax, says new report

The OECD released a report this morning calling for an overhaul of the rules of global finance. It says multinationals that move vast profits to offshore havens are harming the economies of the rich world because they do not pay their fair share of taxes. 

John Christensen,  a British economist at the Tax Justice Network  welcomed the report when I reached him in London. He called the practice a "major threat to national tax sovereignty and democracy."

"The associated problem of profits shifting to tax havens has worsened in the past two decades and is seriously undermining public finances throughout the world. The OECD has an almost unprecedented opportunity to tackle these problems, but it must avoid quick-fix solutions."

Hamida Ghafour is a foreign affairs reporter at The Star. She has lived and worked in the Middle East and Asia for more than 10 years and is the author of a book on Afghanistan. Follow her on Twitter @HamidaGhafour

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

About time... why don't the civilized nations start refusing to trade with these tax haven countries?

If they don't want to play by the rules, then let them invent their own food, computers, cars and oil.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Comments are moderated, and will not appear until the author has approved them.

The World Daily

  • The Star's foreign desk covers the best stories from the around the globe, updated throughout the day.