Daily Headline – 10/02/13

Poverty stricken Zambia used by British multinational

Zambian ABF poverty flagAnother example of globalisation and how multinational corporations go round the world to find a victim waiting to be taken advantage of.

An investigation has found that Associated British Foods the FTSE 100 British multinational is avoiding paying the African state of Zambia millions of pounds in tax. During the period of 2007-12 they contributed almost nothing and in two of those they paid literally nothing.

The investigation also found that the company ships off around a third of pre-tax profits to tax havens.

The Guardian reports:

“It is estimated that the tax haven transactions of this one British headquartered multinational deprived Zambia of a sum 14 times larger than the UK aid provided to the country to combat hunger and food insecurity.”

For further details about the investigation click: Action Aid; Tax Justice.

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