Wednesday, June 10, 2015

Tax Scam Costs Africa $15 Billion Each Year

Tax Scam Costs Africa $15 Billion Each Year
Which Could Save Hundreds Of Thousands of Lives

African countries are being robbed of $15 billion a year because of a tax revenue scam, according to a new report by Save the Children.

Saturday, 6 June 2015 - 5:18pm
Research by the charity into ‘trade misinvoicing’, where companies purposely lie about the worth of their goods, claims the tax shortfall could pay for 1.8 million more health workers across the continent – saving hundreds of thousands of children’s lives every  year.

The report, Making a Killing, is published as African leaders attend the G7 summit in Germany today where poverty and climate change are on the agenda.

Save the Children has looked at evidence into trade misinvoicing, which costs sub Saharan African $59 billion each year and has calculated that as a result countries are losing out on $15 billion tax a year.

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