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Under this new proposal, companies’ profits and their ability to shift them offshore will barely be affected and consequently developing countries will only see a very small increase in their corporate tax revenues. 

Figures published today by the OECD show that development aid has slightly increased in 2020. While this rise provides a lifeline for millions of people living in poverty around the world, it’s simply not enough. With extreme poverty skyrocketing for the first time in over twenty years and increasing economic and gender inequality exacerbated by the Covid-19 crisis, rich countries are facing and failing the biggest test the aid system has seen since its creation 50 years ago, said Oxfam. 

Governments across Europe are planning to divert scarce development aid budgets to cover security and defense costs, anti-poverty campaigners understand.

The governments of rich states today cleared the way for the diversion of development aid away from the poorest.

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.