Unfair tax regimes are costing the world’s largest economies up to Sh3.2 trillion ($32 billion) from the global big tech firms, Action Aid has said. Action Aid said in a statement that tech firms such as Alphabet, Facebook, Apple, Microsoft and Amazon should be made to remit tax according to the profit they make in each country they operate. “Tech giants Amazon, Apple, Facebook, Microsoft and Alphabet have extensive market activity across the world and have racked up billions in profits during the pandemic,” the statement said. Take a surveySome of these tech giants have, through corporate social responsibility, contributed to the fight against Covid-19, led by Microsoft founder Bill Gates through the Bill & Melinda Gates Foundation. “Tax revenue from tech giants with economic presence in the global south is even more crucial for much-needed investment in public services, such as healthcare and education, which have been decimated by the pandemic,” said Action Aid.

Source: Standard Digital May 21, 2021 21:22 UTC