Business
Foreign Firms Deprive Africa $11bn Tax Yearly – Oxfam
Oxfam International said in Washington that multinational companies deprive African governments of 11 billion dollars in taxes each year.
It, therefore, challenged G7 leaders to urgently set up a new global body to regulate corporate taxation.
Oxfam International Executive Director, Winnie Byanyima said yesterday that some of the multinational companies legally avoid paying taxes to the African countries, where they generate revenues, by shifting profits overseas to lower tax regimes.
He said by so doing they deprive governments of money they desperately need for development.
Byanyima said Oxfam based its calculation of the tax revenue Africa loses on a UN backed study released in April that estimated 50 billion dollars in illicit funds flow out of the continent each year.
He said much of it through corporate trade mispricing to avoid taxes or in transfers of money obtained corruptly, and this was almost double the official development aid Africa receives each year.
Byanyima said it was necessary for the leaders of the G7, countries to discuss how to support economic growth in Africa during their next meeting in Germany between June 7 and 8.
He said the vital component of their talks should be comprehensive reform of the global tax system.
“It is absurd that there are international organisations for trade, health and football but not for tax.
“An international body similar to the World Trade Organisation could represent all countries’ interests and mediate disputes among taxation regimes,” he said.
Claire Godfrey, Oxfam Senior Adviser and author of the report, said the G7 leaders, were already discussing how to make the global taxation system fairer.
However, developing countries complain that they have no seat at the table in those talks, even though they are the victims of the present system.
She said collecting more taxes would make them less dependent on aid.
Godfrey said tax reform would go a long way towards funding new commitments to improve schooling and healthcare.
“For example, G7-based companies alone avoid about 6 billion dollars a year in taxes due to African governments.
“This is more than three times the amount the Ebola-affected countries of Sierra Leone, Liberia, Guinea and Guinea-Bissau need to plug their funding gaps to deliver free primary healthcare,” she said.
Malcolm Damon, Director of Economic Justice Network for Southern Africa, said one quarter of South Africans go to bed hungry each night and a further 25 per cent were at risk of missing a meal.
He said African governments needed resources to reduce poverty at all levels.
The G7 summit would take place in Bavaria, Germany, and in July world leaders and ministers meet in Addis Ababa to consider how to finance the new development agenda.
L-R: Representative of Comptroller-General, Nigeria Customs Service, Mr Wale Adeniyi, representative of the Vice Chairman, World Customs Organisation (WCO), Mr Ebenezer Tafili, Regional Development Officer, WCO, Mr Bernard Zbiden and Regional Officer for Capacity Building, Mr Suleiman Sangare, at the 4th meeting of experts of the Conference of Directors-General of Customs in Abuja, recently.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter