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9 October - LIC Ministers Demand Their Fair Share of Global Tax Revenues

Tuesday, 14 October 2014 00:00

photo briefing 9 Oct 14 Following their first meeting in October 2012 in Tokyo, Francophone Finance Ministers met in Washington DC on 9th October in the margins of the World Bank and IMF Annual Meetings.

Three main issues were on the agenda: (i) the revision of the current international taxation system which doesn’t take developing countries’ problems into account and which could translate into an unequal distribution of tax revenues from transnational companies paying taxes in their headquarters countries rather than in the countries where the source material are produced; (ii) the redefinition of aid by the DAC: ministers urged OECD donors to not only maintain aid flows but to also include lower-middle income countries as beneficiaries, and to choose a simple and transparent level of concessionality; (iii) the growing issues related to debt sustainability and vulture funds: ministers urge the international community to adopt laws prohibiting lawsuits against countries in favour of vulture funds and to use the UN backed legal framework for sovereign debt restructuring which is more rapid, comprehensive, transparent and impartial.

These issues were later presented in by the chair of the LIC Ministers’ network Mr. Patrice Kitebi, Deputy Finance Minister of DRC, at a press briefing attended by media and CSO representatives. You can download the press note here icon.  

 

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