The G20’s plan to tackle corporate tax dodging, devised by the Organisation for Economic Co-operation and Development (OECD), needs a radical shake up so that developing countries can capture their fair share of foreign business activity, according to a new report published today by Oxfam.
More developing countries are set to become involved in reforming the global tax system in an effort to ensure that multinational corporations are taxed where their real economic activities take place.
Oxfam strongly welcomes today’s leaked documents on Luxembourg’s tax haven operations revealed by the International Consortium of Investigative Journalists (ICIJ), showing that Luxembourg granted favorable tax treatment to many multinational corporations in order for them to dodge taxes by routing their profits through the country.
The International Monetary Fund (IMF) today publishes a major new report on global corporate taxation: “Spillov
Inequality in Africa is rising to dangerous levels and unless checked will undermine the usefulness of economic growth on the continent.
Fair tax regimes are vital to finance well-functioning states and to enable governments to uphold citizens’ rights to basic services, such as healthcare and education.
Multinational tax evasion is entrenching poverty and weakening developing country economies, Oxfam has warned ahead of the G20 leaders meeting in Russia to chart a plan for boosting global economic growth.
During the two days of the G8 Summit, which starts today, $2.2 billion in illicit flows will have hemorrhaged from developing countries into tax havens and land one and a half times the size of Manhattan sold off to foreign investors.