CAMPAIGN on TAX JUSTICE and EXTRACTIVES INDUSTRY
Nov 19, 2020 • 12:00 AM - 11:45 PM • Online
As the world grapples with the multiple crises of global COVID-19 pandemic, the economic recession, and the climate emergency, the need to raise the alarm on and fight the tax abuses and illicit financial flows in the extractive industry is more critical and urgent than ever.
Resource-rich countries spanning Africa, Latin America and Asia share a common ground. They continue to be targeted for natural wealth extraction, offer extensive fiscal incentives for mining investors, and are markedly sites of massive illicit financial flows.
The extractives sector is one of the most concentrated and lucrative enterprises anywhere in the world. Limited competition raises questions of transparency and accountability with regard their profits, structures and systems. Revenues of the biggest mining multinational firms run to the billions of dollars, while they leave environments in often irreversible ruin, poison water and land, dislocate communities and destroy local livelihoods.
But these are not all that they extract from developing countries. Mining companies are also implicated in attempts to exploit generous fiscal incentives and loopholes in the law to dodge their tax obligations and thus further boost profits.