Unfair tax regimes are costing the worlds largest economies up to Sh3.2 trillion ($32 billion) from the global big tech firms, Action Aid has said.<\/p>\n
The money is enough to have every person in the world given two doses of Covid-19 vaccine, said the organisation, which focuses on the eradication of poverty. <\/p>\n
Action Aid said in a statement that tech firms such as Alphabet, Facebook, Apple, Microsoft and Amazon should be made to remit tax according to the profit they make in each country they operate.<\/p>\n
Tech giants Amazon, Apple, Facebook, Microsoft and Alphabet have extensive market activity across the world and have racked up billions in profits during the pandemic, the statement said.<\/p>\n
If global corporate tax systems were fair, governments could increase their tax revenue and fund better health systems to end the pandemic and start the recovery. <\/p>\n
Action Aid said if this is done, in just one year Sh3.2 billion would be collected from the five tech firms alone.<\/p>\n
$32 billion would cover vaccine doses only, not the full costs of the vaccine rollout. This figure merely offers a sense of the scale of resources involved in taxing big tech companies, it said. <\/p>\n
Take a quick survey and help us improve our website!<\/p>\n
Some of these tech giants have, through corporate social responsibility, contributed to the fight against Covid-19, led by Microsoft founder Bill Gates through the Bill & Melinda Gates Foundation.<\/p>\n
In the recent surge of cases in India, Microsoft through Oxfam India and Unicef crowd-funded Sh300 million to support the countrys response.<\/p>\n
Tax revenue from tech giants with economic presence in the global south is even more crucial for much-needed investment in public services, such as healthcare and education, which have been decimated by the pandemic, said Action Aid.<\/p>\n
Graham Kajilwa<\/p>\n
<\/p>\n
See the article here:<\/p>\n
Action Aid says tech giants should pay more tax - The Standard<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Unfair tax regimes are costing the worlds largest economies up to Sh3.2 trillion ($32 billion) from the global big tech firms, Action Aid has said. The money is enough to have every person in the world given two doses of Covid-19 vaccine, said the organisation, which focuses on the eradication of poverty Continue reading