The aggressive tax avoidance by multinational corporations (MNCs) where they are now paying virtually no tax was highlighted recently by the takeover of “Irish” company Allergan by Pfizer in a blatant tax-avoidance move.
Such tax avoidance by these companies is facilitated by sovereign nations in their “tax wars” between each other, vying for foreign investment.
They are ceding billions in taxes to multinational corporations while beggaring their own exchequers.
Governments have woken up to these tax losses; progress is being made, but much more needs to be done.
Figures released from the OECD confirm that corporate tax revenues have been falling across OECD countries.
Read More: Curbing Tax Avoidance, Tax Evasion And Tax Havens
Such tax avoidance by these companies is facilitated by sovereign nations in their “tax wars” between each other, vying for foreign investment.
They are ceding billions in taxes to multinational corporations while beggaring their own exchequers.
Governments have woken up to these tax losses; progress is being made, but much more needs to be done.
Figures released from the OECD confirm that corporate tax revenues have been falling across OECD countries.
Read More: Curbing Tax Avoidance, Tax Evasion And Tax Havens
