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The Netherlands, Ireland, Luxembourg and Cyprus are among the world’s 15 worst corporate tax havens, according to new Oxfam research published today. The report ‘Tax Battles’ reveals a global race to the bottom on corporate tax that is starving countries out of billions of dollars needed to tackle poverty and inequality.

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.

The European Commission has missed yet another chance to effectively end tax havens. Today’s tax transparency proposal is not sufficiently ambitious and too limited in its scope for that task.

The upcoming EU tax haven blacklist has to include at least 35 countries, including notorious tax havens such as Switzerland and Bermuda, in order to be effective, Oxfam finds in a new report published today. The analysis also shows that at least 4 EU countries would be blacklisted if the EU were to apply its own criteria to member states.

EU governments are unwilling to tackle large-scale tax avoidance of multinational companies, Oxfam says in reaction to a new directive formally approved today.

With the adoption of the TAXE report, the European Parliament voted in favor of specific recommendations aimed at stopping corporate tax avoidance across the European Union.

EU governments are on the brink of agreeing a tax haven blacklist that could ensure corporate tax havens face international sanctions for the first time. This is a welcome move if the list includes objective and comprehensive criteria instead of focussing solely on opacity of tax systems, said Oxfam today.

Despite EU intentions to crack down on tax avoidance, the European Commission’s Anti-Tax Avoidance Package does not do what it says on the tin, warns Oxfam, and developing countries will feel the EU’s failure most.

Banks in France are relying heavily on tax havens to increase their profits, according to a study based on new data that for the first time allows a proper analysis of the role that tax havens play in European business.