Unpaid Corporate Tax Could End World Hunger
On January 31, Oxfam came out with a statement revealing that a third of the unpaid corporate tax belonging to developing countries could end world hunger. The amount lost to corporate tax dodgers is estimated at around $160 billion, more than three times the $50.2 billion needed a year to end hunger globally.
Tax dodging practices are possible through a combination of legal and illegal activities such as tax havens, price manipulation across borders, and false invoicing. Oxfam has urged the UK government to close loopholes that allow corporate tax dodging to continue. Chief Executive of Oxfam Barbara Stocking, regarding UK Prime Minister David Cameron’s attendance at the U.N. high panel meeting last week, said that “David Cameron should be pushing for an end to global hunger by 2025, and an end to tax dodging which could pay for this and much more. These companies are effectively taking food from hungry mouths.”
A week before the U.N. high panel meeting, Cameron spoke at the World Economic Forum in Davos, Switzerland promising to prioritize tax evasion.“This is an issue whose time has come,” said Cameron. “After years of abuse, people across the planet are rightly calling for more action and most importantly there is gathering political will to actually do something about it.”
Oxfam was one of 100 organizations to launch the Enough Food for Everyone If campaign. The campaign plans to hold Cameron to his “commitment to lead the world in a battle against hunger.”
– Rafael Panlilio