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ACCOUNT NUMBER 20 1017761728 For further enquiries ,please contact ACCOUNT TYPE The Markeng Department CURRENT ACCOUNT on Advert Hotlines Africans must 08066462214 or +18453541900 ISSN: 2153-4977 explore Africa Copyright @ 2020 Rulers World E-mail add [email protected] for tourism All rights reserved. recovery 5 5 39 PUBLISHER’S CORNER Afghanistan has the same e c o n o m i c p e r f o r m a n c e revenue for the government, barest minimum is of great negave impact on inward because of rent-seeking, the state may start depending importance and should be a The Effect of Foreign Direct Investment (FDI) misallocaon of the factors of more upon a central system of major priority for governments, which has increased the rate of p r o d u c o n , i n e ffi c i e n t financing that is already especially in developing Corruption and Selshness corporate tax by 50 per cent. It is investments, and an increase of weakened by the lack of c o u n t r i e s . E r a d i c a n g in the Success of a Nation worth menoning that this t r a n s a c o n c o s t s a n d adequate or proper regulaon corrupon, parcularly in negave effect uncertainty. and oversight. developing economies is crical is the same as a Thirdly, when corrupon and to promong financial stability, orrupon is unlawful and t a x o n selfishness inflate costs in the economic growth and success dishonest conduct by c o m p a n i e s process of public procurement, of a naon. If developing individuals mostly in C operang in the On the whole, corrupon and the abuse of public office by naons like Nigeria, Ghana, powerful places. From Brazil to country because selfishness negavely affect government officials embezzle among others, want to promote India, Thailand to Sudan and to i t s e r v e s t o economic gr“owth; hence have the money set aside for public a healthy social structure and Russia and beyond, corrupon d i s c o u r a g e an adverse effect on the success spending on crucial projects experience economic growth, is being condemned and seen as i n v e s t m e n t . of a naon. such as infrastructure that they should work aggressively something that threatens H o w e v e r , A higher level of corrupon in promotes economic growth. t o w a r d d i s c o u r a g i n g economic development and c o r r u p o n , any country is associated with Fourthly, uncertainty is a major co r r u p o n . T h ey s h o u l d prosperity. This piece discusses u n l i ke t a x e s lower economic growth, impediment to business, and parcularly do the following: how corrupon and selfishness imposed by the whereas a lower corrupon corrupon and selfishness in develop an independent legal affect the success of a country. g o v e r n m e n t , level is linked to higher the country are known to create framework, create instuons This piece is also going to look at d o e s n o t economic growth. uncertainty. Consequently, in that can prosecute offenders, appropriate strategies that can generate any tax naons where the scenario is compel business organisaons be used to eradicate corrupon revenues for the rampant, business people find it to espouse standards on in polics, government and g o v e r n m e n t . very hard to launch and grow financial transparency and independent organisaons. Q u i t e t h e Widespread corrupon in a their businesses. promote de-regulaon. Corrupon is understood as the o p p o s i t e , i t country results in public distrust This hindrance greatly weakens Even so, eradicang corrupon f ra u d u l e nt o r d i s h o n e st i n g o v e r ”n m e n t a n d i s the private sector of naons should not only be le to the serves to erode behavior by people who are in the domesc tax detrimental to the naon's experiencing this misnomer and government. The private sector posions of power, such as law base, given that economic growth, hence in the long term, negavely and private cizens also play an enforcement officials and integral role in ending this a large number negavely affecng the success affects the success of the operaves or government d i s h o n e s t a n d u n l a w f u l of developing of a naon. There are quite a country. Moreover, when officials among others. One of pracce. Nearly all corrupon naons are keen few ways through which corrupon is rampant in the its most prominent and main cases involve public officials on aracng FDIs by providing corrupon adversely impacts country, there would be lower acts involves bribery. According to Transparency Internaonal, conspiring or communicang generous tax benefits to on economic growth. s p e n d i n g o n b u s i n e s s corrupon happens when those entrusted with power abuse it with a private cizen. mulnaonal companies. Firstly, corrupon prevents the operaons and maintenance. It and use it for private gain. Depending on the sector in which the C o n s e q u e n t l y, p r i v a t e Decreasing corrupon or government from carrying out will also result in lower quality corrupon takes place as well as the sums of cash that are lost, companies also must assist in eradicang it all together could some of its main funcons. For of public infrastructure. These corrupon comes in different forms; polical, pey, or grand. prevenng bribery, money be more effecve in aaining instance, tax collecon. As such, will, in turn, hinder the success Corrupon significantly impedes the economic development and laundering and corrupon from this goal devoid of sacrificing the people in the country have lile of a naon. progress of a naon. For foreign firms, dealing with official spreading. That responsibility revenues of the government. incenve to pay taxes. This then extoron and having to pay bribes is akin to being compelled to starts with first creang an Corrupon and selfishness also generates a small amount of Strategies for Eradicang pay an addional tax. Some internaonal investors might have appropriate organisaon-wide negavely affects a country's revenue from which the Corrupon been able to get their business owing to the bribes that they paid. an-bribery policy and making success by hindering economic government could draw to Given the negave impact of Even so, for each dollar of business that such companies get, the sure that the company always g r o w t h .