Africa’s lost monies; What has tax transparency in G8 countries got to do with it?

“In the two days of G8, $2.2 billion will have hemorrhaged from developing countries into tax havens, which is enough to pay for the entire education budget of Tanzania and Kenya combined. “

Rosebell Kagumire

On Tuesday June 18, G8 leaders signed the Lough Erne Declaration in Northern Ireland  – promising greater transparency about company ownership to flush out firms who deliberately avoid paying tax.

In a global push against tax evasion the UK, US, Germany, France, Italy, Canada, Japan and Russia signed the declaration that many campaigners said had more ‘should’ and didn’t promote openness.

British Prime Minister David Cameron said the declaration would support nations including the poorest in the world and would help ensure ‘proper tax justice’. The declaration indicated:

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