UN Leadership Necessary for Fairer Tax Cooperation

SYDNEY and KUALA LUMPUR, Apr 01 (IPS) – Illicit financial flows (IFFs) hurt all countries, both developed and developing. But poor countries suffer relatively more, accounting for nearly half the loss of world tax revenue.

IFFs refer to cross-border movements of money and other financial assets obtained illegally at source, e.g., by corruption, smuggling, tax evasion, etc. This often involves trade mis-invoicing and transnational corporations’ (TNCs) transfer pricing via ‘creative’ accounting or book-keeping.

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