Thursday, July 16, 2015

PUERTO RICO IS NOT THE ONLY VICTIM

THE JAMAICA GLEANER
United Nations Urged To Set Up Monitoring Mechanism For Multi-National Corporations
July 15, 2015 by Jenni Campbell
Addis Ababa, Ethiopia:

The urgent need for a global code of conduct to instruct and monitor multi-national corporations seeking to set up business in foreign countries was put on the table yesterday during a meeting of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC).

The current loose arrangements for foreign investors in many cases put small and least-developed nations at risk. It was repeatedly pointed out that some multi-national corporations use their size and promises of benefits to evade taxes and bend rules for their own advantage.

It was widely agreed that as governments try to collect taxes from multi-nationals, by the very nature of their business, corporations will often do their best to avoid them. ECLAC reported that Africa loses some US$50 billion in illicit inflows born of companies fudging and evading tax returns.
FULL ARTICLE: