The richest 1% now have more wealth than the rest of the world combined. The fight against poverty will not be won until the inequality crisis is tackled.
Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population combined, according to an Oxfam report published today ahead of the annual gathering of the world’s financial and political elites in Davos.
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.
The European Parliament has voted in favor of legislation - as part of the vote on the Shareholder's Rights Directive - obliging large companies across all sectors to publicly declare their earnings and taxes in the locations they operate – a move Oxfam welcomes.
Africa was cheated out of US$11 billion in 2010 through just one of the tricks used by multinational companies to reduce tax bills, according to new Oxfam report, ‘Africa: Rising for the few,’ released today.
The governments of Latin America and the Caribbean must implement fiscal reforms that benefit all citizens and not only economic and political elites, according to Oxfam.
Inequality in Africa is rising to dangerous levels and unless checked will undermine the usefulness of economic growth on the continent.
Today EU Finance Ministers discussed tax matters, including money laundering and automatic exchange of information between tax authorities.
If G20 nations were hit as hard by corporate tax dodging as Africa, they’d have a $1.2 trillion hole in their budgets.