CAMPAIGN on TAX JUSTICE and EXTRACTIVES INDUSTRY
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This political cartoon is posted on the eve of the Global Day of Action for Tax Justice in the Extractive Industry, November 19. Read the full statement.
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.
Tax Justice in the Extractives Sector: A Renewed Call in COVID times to Stop Tax Abuse and Plunder
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.