WASHINGTON, D.C. - -The extent of illicit capital flows around the world is growing every year, and has cost developing countries over USD 8 trillion since the year 2000. On December 15th the international advocacy organization Global Financial Integrity released Illicit Financial Flows from Developing Countries Over the Decade Ending 2009, a new report examining the extent of illicit capital outflows from developing nations. According to the report, countries around the world lost over USD 903 billion to illicit outflows during 2009. Previous ... Read More

BERLIN - The annual Corruption Perception Index has been released for 2011, showing that New Zealand is still the least corrupt country in the world. On December 1st Transparency International publicized its annual Corruption Perceptions Index 2011, which ranks countries based on their levels of perceived corruption in the public sector. New Zealand was once again ranked as the least corrupt country in the world, followed closely by Denmark, Finland and Sweden. Somalia and North Korea were ranked as the most corrupt ... Read More

DAR ES SALAAM - The countries of East Africa need to cooperate and make concurrent tax reforms in order to enjoy the benefits of close economic intergration. During a speech given on November 11th in front of the regional public-private dialogue on Harmonization of Domestic Taxes for the East African Community (EAC), the President of Tanzania Jakaya Kikwete called for a harmonization of tax systems across the region. In his speech the President said that increasing tax cooperation and tax systems harmonization between ... Read More

The recent G20 Summit saw a focus on combating international tax evasion, with marked progress made in international cooperation on the issue. The fight against tax evasion was an important topic at the G20 Summit held in Cannes on November 3rd, with all participating countries pledging their support to the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which was signed by Argentina, Australia, Brazil, Canada, China, Germany, India, Indonesia, Japan, the Russian Federation, Saudi Arabia, South Africa and Turkey. ... Read More

As the USA looks for means to raise tax revenues, new research indicates that profit repatriation tax breaks are a poor solution which could do more harm than good for the economy. According to a new report released on October 10th by the Subcommittee on Investigations of the US Senate, profit repatriation tax breaks do not benefit the national economy, and will not raise tax revenues or employment levels. The report examined 20 large US registered companies that utilized the US government’s tax ... Read More