UN plans tax to raise $400 bn for development

July 06, 2012 19:07

The United Nations is planning to raise USD 400 billion every year through tax and other innovative financing mechanisms for development and global challenges.

"The UN is proposing an international tax, combined with other innovative financing mechanisms, to raise more than USD 400 billion annually for development and global challenges such as fighting climate change," the international body said today during the release of World Economic and Social Survey 2012.

Financial needs of developing countries have long outstripped the willingness and ability of donor countries to provide aid, it said adding that finding the necessary resources to achieve the Millennium Development Goals and meet other global challenges will be tough, especially for least developed countries.

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