28 Nov

Academics Stand Against Poverty call to stop tax abuse

Tax abuse

CAMBRIDGE/NEW YORK – UN Secretary General Ban Ki-moon has been called upon by Academics Stand Against Poverty (ASAP) to address the issue of international tax abuse in the Social Development Goals framework.

According to ASAP tax abuse, regarded as one of the main sources of illicit financial flows, “constitutes a massive headwind against development. The think tank Global Financial Integrity estimates that, through trade misinvoicing alone, $4.7 trillion were siphoned out of developing countries during the 2002-2011 period, $760 billion in 2011 alone. This is five or six times the sum total of all official development assistance flowing into these countries during the same periods.”

The call followed ASAP’s first petition campaign and after the release of a study, in which a group of 27 illicit financial flows experts with input of other professionals identified a series of highly desirable key reforms to increase financial transparency both on domestic and global levels.

For more information about ASAP click  here