Action Aid, says Leaked Pandora Papers exposes urgent need to stamp out tax avoidance by wealthy, political elite.
Written by News Room on October 12, 2021
An International Non-governmental organization Action Aid, has said that the Leaked Pandora Papers has expose urgent need to stamp out tax avoidance by wealthy and political elite.
In a press release by the Communications coordinator in Nigeria Lola Ayanda, said 5 years after the Panama Papers exposed the dodgy tax dealings of a Panama based law firm and its clients, and eight years since the G20 mandated the BEPS process intended to end tax avoidance, there has been little to satisfy people’s demands for tax justice and fairness.
Quoting the Secretary General of ActionAid International, Julia Sánchez, the Pandora Papers has disclosed the extensive use of tax havens and tax secrecy by the economic and political elite with a call on governments to step up their efforts to stamp out tax avoidance
Sanchez noted that the Billionaires wealth increased by 3.9 trillion dollars in the first year of the pandemic, while global workers lost earnings of 3.7 trillion adding that these dodgy practices are facilitated by banks and the financial sector which has left governments incapable to afford healthcare, quality education or a green transition away from polluting fossil fuels.
On her part the Country Director, ActionAid Nigeria, Ene Obi, He noted that from Nigeria alone in the last 3 years, 179 million pounds was carted out of the country to offshore accounts which Part was used to purchase 233 properties in the United Kingdom, 179 million represent wealth that would have potentially been taxed in Nigeria for her influential Nigerians and government officials that have been at the forefront of this capital flights makes it worrisome.
Action aid has suggested that global minimum corporate tax rate of 25percentage would be an effective way to stop potential tax revenue from being hidden in tax havens, a public register of beneficial ownership in all jurisdictions, accounts and entities, to stop crooks setting up companies to hide wealth in tax havens.