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.
Its findings should strengthen calls to tackle lax trade regulation, inconsistent tax policy and enforcement, collusion, and corporate greed.
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.
G20 Leaders meeting in Brisbane, Australia this weekend (15 and 16 November) are being urged to tackle rising inequality head-on or risk leaving millions of people trapped in poverty, as new figures reveal the wealth disparity in a number of G20 countries.
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.
Oxfam today celebrated news that donors had increased their development aid spending to $134.8 billion in 2013, which the OECD says stands at the highest-ever recorded level. However aid levels to Africa dropped by 5.6% to just $28.9 billion – back to the levels they were 10 years ago.
Governments must move quickly at this year’s first UN climate change meeting to plug the gaping deficit of funds to help developing countries adapt to climate change and lower their emissions.
A staggering 40 per cent drop in funding focused on climate change adaptation, revealed by the OECD yesterday, should prompt renewed action at the Ministerial Meeting on Mobilizing Climate Finance in Washington and meetings of EU climate experts in Brussels next week.