SABMiller to meet MPs on tax in developing countries
24 April 2012
SABMiller Chief Executive, Graham Mackay, will today meet with members of the UK Parliament's International Development Committee (IDC) to share the company's experience of working in developing markets, as part of the committee's Inquiry into Tax in Developing Countries.
Around 70 per cent of SABMiller's profits come from developing markets and the company argues that it is investment from the private sector, rather than aid, which drives economic growth and job creation. The company supports the strengthening of tax systems in Africa, as sound tax policy and efficient tax administration help to create the stability and certainty that enables business to flourish, generating employment and local growth.
Mr Mackay said: "We agree with the IMF's position that fair and efficient tax revenue systems are essential to the long-term sustainability of public finances in low-income countries. Beer is a local product: brewed, sold and consumed locally and we have a vested interest in effective local public services and the revenue infrastructures that support them.
"But equally important is economic development and job creation; and we support measures which seek to improve the environment for businesses both big and small in Africa, allowing them to support development and create sustainable livelihoods. I look forward to sharing our recommendations with the committee."