Developing nations give up on tax plan

Addis Ababa

DEVELOPING nations have abandoned their push to create a global tax authority during a key United Nations global development summit being held this week in Ethiopia, officials said on Thursday.

Poorer countries, as part of the 134-member G77 bloc, had been lobbying hard for an end to multinationals' profit-shifting, which the UN's trade and development body UNCTAD says costs poorer countries some US$100 billion a year.