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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.

The Netherlands is a top EU tax haven, an Oxfam analysis of European Commission data shows.

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.

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.

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.