Tax justice activists take tax evasion fight to G20 Summit
What you need to know:
Kenya’s tax-dodge losses in the past ten years at Sh115 billion or Sh11.5 billion annually.
A recent Kenya Revenue Authority audit of 40 companies yielded Sh25 billion in tax revenues.
Tax justice lobbyists are pushing the world’s richest nations to involve poor countries in a major operation to stop multinationals from dodging taxes.
The campaigners say this will help nations like Kenya handle firms that have registered subsidiaries in tax havens better.
They are making their case at the two-day G20 Summit in Brisbane, Australia, this weekend, which brings together leaders of 20 countries that control more than 80 per cent of the world’s wealth.
The activists gathered ahead of the summit under an umbrella body called the Financial Transparency Coalition (FTC) to ask for tougher regulations against tax avoidance and shifting of profits by global conglomerates.
Conservative estimates from Global Financial Integrity, a US-based financial watchdog, have put Kenya’s tax-dodge losses in the past ten years at Sh115 billion or Sh11.5 billion annually. A recent Kenya Revenue Authority audit of 40 companies yielded Sh25 billion in tax revenues.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
