Campaigners are calling for the world's richest countries to bring an end to so-called tax havens, which allow companies to transfer profits between jurisdictions and reduce their bills. Activists claim multinational corporations are costing developing countries billions of dollars in lost revenue by transferring their profits to tax havens.
However, the Institute of Economic Affairs' Mark Littlewood, disagrees saying that tax havens actually facilitate investment in the global economy,
"This idea that, sort of, Western companies that are tax efficient are exploiting these places rather than bringing inward investment to them, I think, is a rather neo-imperialist old style way of looking at the world. We want more of that inward investment. That creates jobs and creates growth in some of the poorest countries in the world," said Littlewood.
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