GLOBAL & PUBLIC FINANCE
The Philippines today counts among several Asian countries with the highest levels of illicit financial flows globally. Traced largely to various types of trade misinvoicing, these flows represent billions of lost and foregone tax revenues critical to developing countries such as the Philippines.
A BRIEFING FOR GOVERNMENT DELEGATIONS
by Oxfam, Financial Transparency Coalition, Christian Aid, Global Alliance for Tax Justice, Public Services International, ActionAid, Tax Justice Network-Africa, CIDSE, Eurodad, Latindadd, and Asian Peoples' Movement on Debt and Development
Civil Society Organizations are united in supporting the G77 and China’s call for a global intergovernmental tax body at the United Nations. The body should take the form of a Functional Commission under ECOSOC so outcomes are the result of intergovernmental negotiations, with universal membership and adequate resources from core UN funds with priority for developing country participation.
Developing countries in Asia lose vast amounts in financial outflows, in large part because of tax dodging bycorporations. Almost $6 trillion left developing countries between 2002 and 2011, increasing at a rate of over 10% per year. Multilateral development bodies looking for ways to pay for social progress should begin their search here.