Billions of dollars are lost in avoided taxes, says a UN agency

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Billions of dollars that could be used to finance development are lost in tax evasion, according to a senior official of the UN Conference on Trade and Development (UNCTAD).

In a report released on Wednesday UNCTAD calls for more spending on social support systems, skills training and job creation in industrialized countries.

The UN trade and development agency says more action is needed to stop big corporations from declaring their profits in countries with low taxes.

Richard Kozul Wright, the Director of UNCTAD's Division on Globalization and Development Strategies explained to Yvette Morris why avoiding taxes creates a problem for countries.

Duration: 4'59"

Filed under Today's Features.
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