Letters to the Editor: Reform tax so poorer states can reap benefit

Britain's Chancellor of the Exchequer Rishi Sunak (left) with Eurogroup President Paschal Donohoe during their meeting, as finance ministers from across the G7 nations, meet at Lancaster House in London ahead of the G7 leaders' summit. Picture: Alberto Pezzali/PA Wire

While much of the media attention on the G7 has focused on how Ireland will respond to recent changes proposed by the G7 to put forward a minimum corporate tax rate (June 8, Irish Examiner), it is important to turn our attention to how the global taxation system disproportionately harms developing countries.

According to the IMF, developing countries lose between $200bn (€165bn) and $300bn in tax revenues every year — far more than they receive in aid. Those ‘lost’ funds could be available to governments to provide essential services such as clean water, healthcare, education and the many other services we take for granted.