Christian Aid to hand alternative tax award to IASB

Christian Aid is to deliver an Alternative Tax Award to the offices of the International Accounting Standards Board (IASB) in the City of London on Thursday.

The award, in the form of a golden palm, is one of a number given by Christian Aid 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 $160bn in lost revenues by companies disguising their tax liabilities. If used according to current spending patterns, it says 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 is 'Greatest Potential for Tax Reform'.

The board is responsible for devising the rules covering how 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 and taxes paid in every country where they operate in order to throw up abuses and anomalies quickly.

Other winners of the same award have included the Big Four accountancy firms - PriceWaterhouse Coopers, KPMG, Ernst & Young and Deloitte & Touche.