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Action Aid has called on Barclays Bank to stop promoting the use of tax havens to big businesses operating in Africa.
Action Aid Zambia country Director Pamela Chisanga says Barclays bank is promoting the use of offshore tax havens to big companies operating in Africa despite saying it wants to become a force for good international agency.
Ms Chisanga states that Barclays bank promised to change following a number of scandals that have damaged the bank’s image including allegations of corporate tax avoidance using tax havens.
She says every year; developing countries lose billions of dollars of vitally needed revenue because of tax avoidance by big companies using havens, adding that countries lose money that could otherwise be used to build schools, hospitals among other development projects.
Ms Chisanga notes that developing countries lose between one hundred and twenty and one hundred and sixty billion dollars a year in revenue as a result of money hidden in tax havens.
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