Extracting minerals, extracting wealth: how Zambia is losing $3 billion a year from corporate tax dodging
Zambia has abundant natural resources - including minerals and agriculture yet gains little tax revenue from the extraction of its resources, leading to lost oppportunities to invest in public services such as education and health.
This report reveals how multinationals are able to avoid paying their fair share of tax. It looks at three companies: Glencore, Vedanta and Associated British Foods which are based in the UK or are listed on the London Stock Exchange. The report describes a total of $3 billion beling lost to the Zambia exchequer as well as the powerful international opposition Zambia faced when it attempted to reform its tax system to get a fair share.
This report has been produced with the assistance of the European Union DCI-NSAED/2011/247. The contents of this publication are the sole responsibility of War on Want and can in no way be taken to reflect the views of the European Union.