** People rescuing an injured passenger from inside a passenger bus hit by a truck on Dhaka-Mawa Expressway in Shologhar area of Shreenagar upazila in Munshiganj on Thursday. ** Motorcycles allowed on Padma Bridge after 10 months ** Commuters charge extra fare, passengers disappointed ** 78 people killed in Yemen stampede ** Moon sighting committee meets today to ascertain Eid day ** 9 killed in road accidents in 3 districts ** US announces new $325 m military aid package for Ukraine ** Eid-ul-Fitr in Saudi Arabia today ** Eid exodus begins ** LPG price cut illusive ** 15 hurt as bus overturns in capital ** New interbank cheque clearing timings set for Eid holidays ** Four women hit by a train die in Tangail ** 12.28 lakh SIM users left Dhaka on Tuesday ** Sylhet engineer threatened over power outage ** People rush to village homes to spend Eid holidays with their near and dear ones. This photo was taken from Sadarghat Launch Terminal on Tuesday. NN photo ** Surge in cases of dehydration, diarrhoea amid summer heat wave ** Padma Bridge construction cost increases by Tk 2,412cr ** PM gives Tk 90m to Bangabazar fire victims ** Textile workers block highway demanding wage, Eid bonus ** Attack on PM's motorcade Ex-BNP MP, 3 others get life term ** Load-shedding increases for demand of electricity during heat wave ** Motorbikes to be allowed on Padma bridge from Thursday ** 5-day Eid vacation begins from today ** Take Nangalkot train accident as a warning about negligence of govt functionaries **

Companies working with WB in Africa use tax havens: Report

13 April 2016 AFP, Washington

The vast majority of companies that received money from the World Bank's private lending arm last year to finance investment in Africa's poorest region use tax havens, a campaign group said Monday.
A total of 51 out of 68 companies that receive such funds from the International Finance Corporation for sub-Saharan Africa used tax havens. And they accounted for 84 percent of IFC investment in the region in 2015, Oxfam said in a report.
The use of the havens had no apparent link to the companies' core business, it added.
The most common haven for these companies was Mauritius, Oxfam said, adding that 40 percent of the IFC's customers investing in sub-Saharan Africa had ties there.
The report said the Indian Ocean island nation is known to accommodate "round-tripping", a practice in which a company sends money offshore before returning it under the guise of foreign direct investment. That earns tax breaks and other financial incentives.
The Oxfam report comes in the wake of the Panama Papers leak about how wealthy individuals and firms use tax havens to hide assets and avoid paying taxes.
"It doesn't make sense for the World Bank Group to spend money encouraging companies to invest in 'development' while turning a blind eye to the fact that these companies could be cheating poor countries out of tax revenues that are needed to fight poverty and inequality," said Oxfam's tax policy advisor, Susana Ruiz.
The Oxfam report said the IFC has more than doubled its investment in companies that use tax havens in five years. It has risen from $1.20 billion in 2010 to $2.87 billion in 2015, the study said.

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