A new report by Bread for all, Alliance Sud, and the German Network for Tax Justice has accused Belgian-French multinational Socfin, which operates rubber and palm oil plantations across West Africa, of shifting profits from Africa to Switzerland. The use of “transfer pricing” to avoid taxation is common among multinationals operating in Africa, depriving low-income governments of badly needed revenue.
The use of “transfer pricing” to avoid taxation is common among multinationals operating in Africa, depriving low-income governments of badly needed revenue.
The use of “transfer pricing” to avoid taxation is common among multinationals operating in Africa, depriving low-income governments of badly needed revenue.
By the OECD’s estimates, every year countries in Africa are cheated out of more than $50 billion in taxes, mainly by multinational corporations that run mines, oil wells, and plantations on the continent. That figure is higher than the total amount of development aid given to countries in sub-Saharan Africa and some studies suggest […]
A new report on the tax strategy of agribusiness corporation Socfin reveals how multinational companies can shift profits from countries where they produce commodities in Africa and Asia to tax havens like Switzerland.