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“The G20 reiterated previous commitments to reduce inequality, boost the participation of women in work and phase out inefficient fossil fuel subsidies. The G20 said they would draw up a proper response to the refugee and migrant challenge next year, which is too late. The world needs urgent action now, not more words.”

This year’s G20 Summit will raise the stakes for the group to prove itself against growing doubts about its effectiveness – not least for people living in poverty, says Oxfam.

G20 Finance Ministers are expected to give the green light to a new round of negotiations on international tax reforms at a meeting in Fukuoka, Japan on 8 - 9 June 2019.

G20 finance ministers in Lima today endorsed international tax reforms for tackling tax dodging launched by the Organization for Economic Cooperation and Development (OECD). While the measures are a tax milestone, they poorly represent the critical needs of developing countries, Oxfam warned today.

G20 countries are the biggest losers when US multinationals avoid paying taxes where they do business. This is the main finding of a new report on the global tax system, ‘Still Broken,’ released by the Tax Justice Network, Oxfam, Global Alliance for Tax Justice and Public Services International today.Overall it is estimated that, in order to reduce their tax bills, US multinationals shifted between $500 and 700 billion—a quarter of their annual profits—out of the United States, Germany, the United Kingdom and elsewhere to a handful of countries including the Netherlands, Luxembourg…

The US and some European countries are seeking to water down historic global tax reforms warned Oxfam today, ahead of a meeting of G20 Finance Ministers and central bank governments in Riyadh, Saudi Arabia this weekend. G20 Ministers are expected to give the green light to the Organization for Economic Cooperation and Development’s (OECD) outline proposals for tax reform at the meeting on 22 and 23 February.

In response to the G20 communique, Oxfam says: ‘The G20 has failed to meet the huge challenges our world faces. They continue to stumble away from taking the bold actions necessary to tackle poverty, inequality, and climate change after an uninspiring and underwhelming Summit in India this weekend.” 

G20 countries spend far more subsidizing the coal and oil industry than developed countries provide in adaptation finance to poor and vulnerable countries.

The EU has decided its budget for 2018 with cuts long-term development aid that helps the poorest people. A coalition of development NGOs criticised the EU for putting its own short-term interests ahead of the people most in need.

Ministers must deliver on their climate finance promises and support a second wave of attack on corporate tax cheats if their Lima meeting is to succeed, said Oxfam today.