At the close of the World Bank and International Monetary Fund’s Spring Meetings in Washington, Chris Stalker, Acting Head of Oxfam International’s Washington office, commented on the week's developments.
“Today’s so-called ‘hammer blow’ against tax cheats misses. If the proposed registry of beneficial owners of companies and trusts is hidden from the public, how can we know who is hiding their profits and fortunes and trying to avoid paying their fair share?" said Susana Ruiz, Oxfam's tax policy expert.
Following the abuses revealed in the Panama Papers, world leaders attending the Spring Meetings of the World Bank and International Monetary Fund this week must seize the moment to take decisive action and help end the era of tax havens, said Oxfam today.
Fifty one of the 68 companies that were lent money by the World Bank’s private lending arm in 2015 to finance investments in sub-Saharan Africa use tax havens, Oxfam revealed today.
In an open letter, a large coalition of civil society organizations and trade unions, including Oxfam, is asking European Commission President Jean-Claude Juncker for a more ambitious proposal on tax transparency.
Banks in France are relying heavily on tax havens to increase their profits, according to a study based on new data that for the first time allows a proper analysis of the role that tax havens play in European business.
Oxfam is pleased that several multinational companies attended a hearing in front of the European Parliament’s TAXE committee on Monday. The firms had initially refused to do so.
G20 finance ministers in Lima today endorsed international tax reforms for tackling tax dodging launched by the Organization for Economic Cooperation and Development (OECD). While the measures are a tax milestone, they poorly represent the critical needs of developing countries, Oxfam warned today.
In a puzzling move, inequality was not on the agenda at the International Monetary Fund’s Press Briefing in the Peruvian capital today, while World Bank President Jim Kim said TPP could boost growth.
Oxfam is encouraged by World Bank President Dr. Jim Yong Kim’s rejection of trickle-down economics and his clear stance on the enormous challenge inequality poses across the world.