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    The UK's rocky road to a universal tax policy

    Tax treaties and under-the-table tax breaks — like the U.K.'s treaty with Senegal and the Netherlands and Luxembourg's deals with Starbucks and Fiat — are creating a race-to-the-bottom for developing countries struggling to mobilize domestic resources, according to experts from Christian Aid, ActionAid and others. Devex takes a closer look.

    By Molly Anders // 23 October 2015

    Wednesday was a taxing day for developing economies hoping to attract investment from the United Kingdom and grow domestic resources.

    Parliament approved a tax treaty Wednesday with Senegal that will allow U.K. companies to pay a fraction of the developing country’s standard tax rate. The goal of the treaty is to promote foreign direct investment between the two countries, which currently exchange less than $3 million in annual investments.

    According to the International Monetary Fund, such treaties have “mixed” results, and whether they actually increase investment over the long-term remains difficult to measure.

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    About the author

    • Molly Anders

      Molly Andersmollyanders_dev

      Molly Anders is a former U.K. correspondent for Devex. Based in London, she reports on development finance trends with a focus on British and European institutions. She is especially interested in evidence-based development and women’s economic empowerment, as well as innovative financing for the protection of migrants and refugees. Molly is a former Fulbright Scholar and studied Arabic in Syria, Jordan, Egypt and Morocco.

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