Eric LeCompte Cited in Quartz on Newly Revealed $14.8 Million Tax Evasion

Eric LeCompte was quoted by Quartz on U.S. multinational airline company Aircastle Ltd. avoiding $14.8 million in state taxes owed to the nation of South Africa. Read an excerpt below, and click here for the full story. 

A US multinational avoided South African taxes worth twice Johannesburg’s social housing budget

“While much of this behavior is legal, it is immoral,” Eric LeCompte, executive director of faith-based anti-poverty group Jubilee USA, said in a statement. “Developing countries are losing vital monies to fight poverty and build infrastructure because of this behavior that avoids paying taxes.”

Poorer countries lose up to $100 billion each year thanks to tax agreements with offshore jurisdictions like Mauritius, according to UN research. Fixing this imbalance, LeCompte said, is the only way for these nations to meet the Sustainable Development Goals set by the UN in 2015, which established a series of economic and social benchmarks to be attained by 2030. On a broader scale, the Tax Justice Network, a research and advocacy group, estimates that multinationals shifting profits to tax havens costs the world’s governments more than $500 billion per year, with poorer countries losing the most as a percentage of GDP.

Read more here.