Oxfam to stop tax havens in developing countries

Oxfam East Africa has launched a campaign to stop tax havens in developing countries which lead to the loss of at least 170 billion dollars in tax revenues each year

The organization says that this loss occurs because rich individuals and multinational companies hide vast amounts of money using tax havens

The organization notes that many governments are complicit in sustaining this network by providing tax holidays to companies that make huge profits

Oxam is now mobilizing for up to 250,000 signatures to petition the UN General Assembly by September this year insisting that poorer countries are being deprived of funds to provide quality health and education on top of tackling poverty and extreme inequality.

Those wishing to sign the online petition can do so through a website- www.evenitup.org

Uganda is estimated to lose 690 billion shillings annually according to a 2009/2010 African Development Bank report and last year parliament discovered that several well established companies had tax holidays of between 7 to 10 years.

Mps demanded that the tax holidays be stop but Government has argued that its one of the strategies being used to attack more investors

The Country Director Action Aid Uganda Arthur Larok says that many studies have concluded that developing counties should stop tax havens or holidays and that Uganda should urgently take action

Economist Dr Fred Muhumuza tells radio one that tax havens and holidays are avenues for the powerful to get benefits from companies granted such opportunities

January 29 2016