Oxfam claims profits shifted through Ireland hurt developing countries

Oxfam claims profits shifted through Ireland hurt developing countries

There are claims that tens of billions of euro of corporate profits are still being shifted through Ireland to take advantage of our lax tax laws.

Charity Oxfam is warning that our system is hurting developing countries who are losing out on revenue.

It has also criticised a lack of transparency which leaves people in the dark about where companies make their profits.

Oxfam Ireland CEO Jim Clarken claims Ireland is damaging its own reputation as well as other countries.

“Corporate tax dodging is not a victimless crime,” he said.

“Not only does Ireland harm its own reputation by allowing such practices, but profits that flow through Ireland without being taxed here should have been taxed elsewhere.

“The European Commission’s Apple ruling provided a rare glimpse into a secretive world. It showed that Apple routed two-thirds of its profits on global sales, including in Africa, through Ireland, resulting in no tax accruing to relevant developing countries.

“Africa has a bigger mobile phone market than the US and will shortly surpass Europe but African tax revenues are not benefiting from this boom.

“Globally, an estimated $100bn is lost to developing countries every year because of corporate tax avoidance schemes.

“This denies the world’s poorest places the additional resources that would make a huge difference by providing the schools, hospitals and infrastructure that lift people out of poverty.”

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