Poor are tax haven victims

| 16/04/2009

(PBS) Tax havens may be where the world’s rich shelter their fortunes from prying governments eyes but citizens of developing countries may be the hidden victims. According to Boston Consulting Group, an estimated $7.3 trillion is stashed in offshore financial centres around the world such as the Cayman Islands, Switzerland, and Monaco, by corporations and wealthy individuals seeking to lower their tax burdens. Rarely are they thought of as harmful to the world’s poor. But according to several recent reports by international aid groups, tax evasion drains billions of desperately needed dollars from poor countries that could be used to fight poverty.

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