Oxfam today gave a cautious welcome to the OECD's plans to open up its tax reform process to developing countries but said more fundamental global tax reforms, beyond BEPS, are still needed to stop corporate tax scandals.
At a meeting at the OECD in Paris on the future of development aid, governments of the world’s richest countries promoted the use of development aid to support private investment in poor countries, but failed to focus on the rules and safeguards needed to make sure it supports the people most in need.
According to the Paris-based Organization for Economic Co-operation and Development, just one country fails to comply with international transparency standards, which Oxfam strongly disputes.
Oxfam harshly criticized the United States, the United Arab Emirates, Panama and other countries for undermining a landmark global initiative to tackle corporate tax dodging unveiled today.
Rich countries are exaggerating how much they are spending to tackle poverty and inequality in poor countries.
The OECD's tax data shows that more and more governments are relying on taxes that fall hardest on the poorest in society while letting big business and wealthy individuals off the hook.
The DAC’s reform process offers an opportunity to develop rigorous and demanding criteria and standards to better regulate the use of aid in private sector investments. The following recommendations aim at ensuring the reform leads to a principled approach.
Response to the announcement that 82 countries, including many developing countries, have signed up to implement the OECD’s BEPS agreement to tackle corporate tax avoidance.
This global tax platform represents a step in a long road towards building a fairer and more transparent global tax system. The platform must be able to deliver tangible results and combat inequality, but most importantly, it must give the poorest countries a voice.
Development aid has reached an all-time high, but with 900 million people still living in extreme poverty much more needs to be done, says Oxfam.