Christian Aid delivered an Alternative Tax Award to the offices of the International Accounting Standards Board (IASB) in Cannon Street, the City of London, yesterday (10 September 2009).
The award from the international churches' development NGO, in the form of a Golden Palm, is one of a number given by the charity to banks, financial institutions and accountancy firms to highlight the impact tax dodging by companies trading internationally has on poor countries.
Christian Aid estimates that countries in the developing world are every year deprived of $160 billion in lost revenues by companies disguising their tax liabilities. If used according to current spending patterns, the money could save the lives of 350,000 children under the age of five every year.
The category in which the IASB has won the Christian Aid award was Greatest Potential for Tax Reform.
The board is responsible for devising the rules covering the manner in which companies should produce their annual accounts in more than 100 countries around the world.
Christian Aid wants it to institute urgent reforms that would require companies trading internationally to report profits made and taxes paid in every country where they operate. This would mean that abuses and anomalies could be quickly spotted.
Other winners of the same award have included the Big Four accountancy firms - PriceWaterhouse Coopers, KPMG, Ernst & Young and Deloitte & Touche.
For the full award citations, visit: http://www.christianaid.org.uk/images/alternativetaxawards.pdf (*.PDF file)