CONCORD launched its new Spotlight Report on EU Policy Coherence for Development on 18 September 2013 in Brussels. The report finds that Tax dodging by EU companies and other transnational corporations is costing developing countries billions in lost tax revenues each year.
More than 80 people – the biggest turn up for a Spotlight launch ever -including decision makers, researchers and CSOs joined us to debate on the crucial issues covered by the report. The Spotlight report is a coordinated effort of European Development NGOs to collect evidences of where EU policies are having a negative impact on development.
The media reported the $100bn loss that developing countries suffer through tax dodging. Between US$ 859 billion and US$ 1,138 billion escaped developing countries as illicit financial flows in 2010 alone. About half is profit shifting by TNC’s (US$ 429.5 to US$ 569 billion) = loss of at least $100bn a year in tax revenue to developing countries.
EU Development Commissioner Andris Piebalgs published a statement on the report, saying that "A lot of what the EU and its Member States do in areas such as trade, agriculture, climate change or migration, to name just a few, interlinks with development and our goal of overcoming poverty worldwide."
Find the complete documentation of the event on the CONCORD website.
The Spotlight report is available here.
Source: CONCORD
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