Study suggests total sum owed to governments is equivalent to 10 times entire global aid budget.

Money taken illegally from the developing world is worth 10 times annual global aid budgets, according to a recent study by a Swedish agency, Forum Syd.

Tax evasions by multinational companies in Africa is so vast that one tax analyst believes that if the money were paid, most of the continent would be "developed" by now.

But, lacking a sophisticated tax code, or the people qualified to enforce tax laws, many African countries continue to lose money that could solve most of its financial problems.

Al Jazeera’s Peter Greste reports from Nairobi.

Money taken illegally from the developing world is worth 10 times annual global aid budgets, according to a recent study by a Swedish agency, Forum Syd.

Tax evasions by multinational companies in Africa is so vast that one tax analyst believes that if the money were paid, most of the continent would be "developed" by now.

But, lacking a sophisticated tax code, or the people qualified to enforce tax laws, many African countries continue to lose money that could solve most of its financial problems.

Al Jazeera’s Peter Greste reports from Nairobi.

http://www.aljazeera.com/video/africa/2012/01/201211684512130367.html

AFRICA LAWMAKERS HAS A LOT OF WORK TO DO. WE NEED BETTER TAX LAWS.

iiiyyyk:

Tax evasions by multinational companies in Africa is so vast that one tax analyst believes that if the money were paid, most of the continent would be "developed" by now.

Even in developed countries many corps find loopholes to cheat the tax system . . . . I can imagine how much they've been milking the continent of africa.

But, lacking a sophisticated tax code, or the people qualified to enforce tax laws, many African countries continue to lose money that could solve most of its financial problems.

And what will solve most of our corruption problems? Money is not our primary problem, we have the resources - corruption is the goliath we are yet to slay.

i'm suspecting that most African leaders intentional leave wider holes in our laws to help this western thieves perpetrate their wickedness. most of them collect bribes from this multi nationais

JeSoul:

And what will solve most of our corruption problems? Money is not our primary problem, we have the resources - corruption is the goliath we are yet to slay.

money is our problem as well as corruption.

iiiyyyk:


i'm suspecting that most African leaders intentional leave wider holes in our laws to help this western thieves perpetrate their wickedness. most of them collect bribes from this multi nationais

money is our problem as well as corruption.

If online payments of tax is introduced in most African countries it will reduce the lack of a sophisticated tax code, and the people qualified to enforce tax laws. It will make everything more simple and it will be also more easy to conduct investigations. What do you think?

Tax avoidance happens everywhere that's why tax laws change all the time coz these guys find loopholes.

iiiyyyk:

i'm suspecting that most African leaders intentional leave wider holes in our laws to help this western thieves perpetrate their wickedness. most of them collect bribes from this multi nationais

--> the corruption problem.

money is our problem as well as corruption.

Permit me to insist that lack of 'money' is still not africa's problem. We are practically drowning in all kinds of natural resources, enough to sustain ourselves and trade with other continents. Our problem is the mismanagement & abuse of these resources - corruption.

@Op

Na today? Is it really new story? How about so called land grabs in Ethiopia, Sudan, Kenya and Uganda by so called investors in cahoot with the government of so called independent countries above mentioned ?.

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