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Europe’s 20 biggest banks are registering over a quarter of their profits in tax havens – well out of proportion to the level of real economic activity that occurs there, according to a new report by Oxfam and the Fair Finance Guide International today.

Governments must take five immediate steps to stop corporations and the super-rich cheating poor countries out of over $170 billion in tax revenues every year, said Oxfam today in the wake of the Paradise Papers leak.Oxfam’s new briefing paper, ‘…

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. 

Rising inequality could set the fight against poverty back by decades, Oxfam warned today as it published a new report showing that the number of billionaires worldwide has more than doubled since the financial crisis. 

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.