Aid To Poor Countries Unnecessary

[icyfroth]

Aid to poor countries unnecessary if companies paid taxes, says Foreign Minister Julie Bishop

Washington: International development aid from wealthy nations to the poorest would be unnecessary if companies paid tax in the nations where they reaped their profits, the Foreign Minister, Julie Bishop, has told a conference in Washington, DC.

"In legitimately striving to improve returns to their shareholders, global companies big and small structure their affairs and businesses to minimise paying tax, while operating within the law," she told an audience at the Brookings Institution, one of America's most respected think tanks.

"Tax collectors face tremendous difficulty capturing taxes on revenue from their domestic jurisdictions.

"While such corporate behaviour is understandable, developing countries are estimated to lose between $US35 billion and $US160 billion in revenue each year.

"If all companies paid taxes on profits in the countries in which they are derived, this would largely negate need for global aid flows or development assistance," she said.

She said the total spent on development aid in 2013 was $US135 billion, less than the upper estimate of lost tax revenue.

Entire Article Here

And that includes foreign companies in Australia. Before we too, become a 3rd world country.

[cherry*135]

An international system of law based on nation states is the best way to build peaceful and prosperous societies, Foreign Minister says.

Sure it is, jbish.

[village_person]

A cargo-cult mentality seems to be the only thing to prosper as a result of foreign aid.

Why Foreign Aid Is Hurting Africa Money from rich countries has trapped many African nations in a cycle of corruption, slower economic growth and poverty. Cutting off the flow would be far more beneficial, says Dambisa Moyo.

A month ago I visited Kibera, the largest slum in Africa. This suburb of Nairobi, the capital of Kenya, is home to more than one million people, who eke out a living in an area of about one square mile -- roughly 75% the size of New York's Central Park. It is a sea of aluminum and cardboard shacks that forgotten families call home. The idea of a slum conjures up an image of children playing amidst piles of garbage, with no running water and the rank, rife stench of sewage. Kibera does not disappoint.

What is incredibly disappointing is the fact that just a few yards from Kibera stands the headquarters of the United Nations' agency for human settlements which, with an annual budget of millions of dollars, is mandated to "promote socially and environmentally sustainable towns and cities with the goal of providing adequate shelter for all." Kibera festers in Kenya, a country that has one of the highest ratios of development workers per capita. This is also the country where in 2004, British envoy Sir Edward Clay apologized for underestimating the scale of government corruption and failing to speak out earlier.

http://www.wsj.com/articles/SB123758895999200083

The only thing that will help some of these mendicant countries is to make contraceptive pills available for free.

[softail-joanie]

And that includes foreign companies in Australia. Before we too, become a 3rd world country.

whats a 3ed world country? is it a country or nation that occupys 3 planets?

[j*oono]

A third world country is now known as a developing nation.  I prefer third world as these countries don't seem to be developing much at all when the population is generally downtrodden and left in poverty.

Hey Icy, you could be right.  Are we in danger?

[lind9650]

Iagree with Julie Bishop. Everyone should pay taxes where they make or earn their money. The world would be in much better shape.

The people in Australia that earn $120,000.- or more per year pay a very high tax. The companies that earn millions and billions get Government concessions and pay very little or no tax at all.

Where is the fairness, where is called good budgeting? If the big Corporations and Mining companies don't want to pay taxes, get them out of this country and find their golden eggs elswhere. The land is ours, we are quite capable of mining and growing and producing whithout Billionaire bludgers taking advantage of weak Governments. Privatisation of everything is the sign of a lazy Government. Like dole bludgers, they want the money, but they don't want to work for it.

Uhuru Kenyatta, PM of Kenya has just ordered all polititians and their secretaries to hand in their Mercedes Benz in exchange for a Volkswagen Passat. The Passat is two thirds cheaper as the Mercedes and cheaper to run and maintain. That is one of his cutbacks in Government spending. Our Government could do the same or even better, but in such a case, I bet my bottom dollar, both Parties will agree that this is not a good idea.

Can you imagine our PM driving a VW?

Erica

[go-tazz]

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@lind9650 wrote:

Can you imagine our PM driving a VW?

Erica

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No as that would go against their "entitlements".

They believe they are entitled to luxury and "stuff" whoever thinks otherwise,

The Aussie politician is geared to the "give me more" principle,(which seems to sound similar to the corrupt

ones except our pollies get their entitlements through an "independent body",which makes it perfectly legal).

If tax had to be paid by those companies on profits in Aus,then there would be no big budget deficits,(all

infrastructure is used to access those shop but they don't pay their share of tax for that infrastructure).