The provision of 3G and 4G internet services will also help youth in getting an online education
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April 03, 2021
Prime Minister Imran Khan addressing the virtual launch event of the Final Report of the High-Level Panel on International Financial Accountability, Transparency and Integrity for achieving the 2030 Development Agenda. SCREENGRAB
ISLAMBAD:
Prime Minister Imran Khan on Friday said that the provision of 3G and 4G internet services and connectivity in Gilgit Baltistan (GB) were vital for exploiting the true potential of youth and promoting tourism in the area.
It will also help youth in getting an online education and utilizing their capabilities through information technology besides benefitting from the potential of tourism, he added.
SYDNEY and KUALA LUMPUR, Apr 1 2021 (IPS) - Illicit financial flows (IFFs) hurt all countries, both developed and developing. But poor countries suffer relatively more, accounting for nearly half the loss of world tax revenue.
IFFs refer to cross-border movements of money and other financial assets obtained illegally at source, e.g., by corruption, smuggling, tax evasion, etc. This often involves trade mis-invoicing and transnational corporations’ (TNCs) transfer pricing via ‘creative’ accounting or book-keeping.
Jomo Kwame Sundaram
Staggering revenue losses
About US$500–600 billion in corporate tax revenue is lost yearly to TNCs shifting profits to low-, or no-tax ‘havens’. These often involve fictitious ‘paper’ transactions at inflated prices among subsidiaries to ‘move’ profits out of the country where a TNC actually does business and makes profits, to tax havens where they pay much less, often little or no tax.
Illicit financial flows and tax havens are sabotaging countries development goals theeastafrican.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theeastafrican.co.ke Daily Mail and Mail on Sunday newspapers.
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In 2015, the 2030 Agenda for Sustainable Development affirmed its commitment to “transforming the world” with a set of universal goals to secure the health of the planet and ensure that its inhabitants enjoyed peace and prosperity. It envisioned a world in which poverty and hunger ceased to exist, whose societies were just and whose natural riches were no longer subjected to relentless plunder. The meeting brought together governments, international organisations, the private sector and civil society in a determined global engagement. At the time, leaders recognised that implementing the agenda would require stronger resource mobilisation at all levels.
Six years after this historic pledge, we continue to fall short of making the necessary investments to secure the future that we want. In some respects, we have veered off-track. The pandemic made things worse, with governments undertaking colossal levels of public spending to bring the crisis under control and stave off e
Wealthy countries that set global tax rules are biggest enablers of corporate tax abuse, report finds
Tax Justice Network ranks OECD members and British overseas territories highest in its 2021 corporate tax haven index, advocating for the UN to set standards instead. The British Virgin Islands topped Tax Justice Network’s 2021 Corporate Tax Haven Index.
The world’s wealthiest countries that help set global tax standards are actually responsible for the majority of corporate tax abuses around the world, a new report has found.
The Tax Justice Network’s 2021 Corporate Tax Haven Index, which ranks the countries “most complicit in helping multinational corporations pay less tax than they are expected to,” pegs six jurisdictions that are part of the Organisation for Economic Cooperation and Development the British Virgin Islands, the Cayman Islands, Bermuda, the Netherlands, Switzerland and Luxembourg as the biggest enablers of corporate tax avoidance worldwide.