Date: 2024-09-27 Page is: DBtxt003.php txt00006026 | |||||||||
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TAXATION
TAX AVOIDANCE TPB letter to Barclay's CEO! ... I am writing to ask you to stop promoting the use of tax havens by businesses and individuals investing in Africa. 
Original article: Peter Burgess COMMENTARY Peter Burgess | |||||||||
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Dear Mr Jenkins,
I am writing to ask you to stop promoting the use of tax havens by businesses and individuals investing in Africa.
By helping your clients set up operations in tax havens like Mauritius, you are part of a system that is draining vital public funds out of the continent each year. The OECD estimates that developing countries lose three times more to tax havens than they receive in aid each year.
While promoting the use of tax havens is not illegal, it is morally wrong. This has a devastating impact on ordinary people who can’t access the healthcare or education they need, or small business who struggle to compete. Responsible businesses must do better.
It’s very positive that you have committed to changing the culture and practice of Barclays and have published tax principles that, 'set higher standards for tax planning activity'. However, promoting the use of offshore locations to businesses based in Africa contradicts this approach. To clean up Barclays' act on tax havens in Africa I urge you to:
I urge you to:
• Close down Barclays Offshore Corporate Department and
• Produce and make public a credible plan for shutting down your offshore tax haven operations.
This is your chance to put your words into action. I look forward to hearing your response.
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