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.
The European Parliament has voted in favor of legislation - as part of the vote on the Shareholder's Rights Directive - obliging large companies across all sectors to publicly declare their earnings and taxes in the locations they operate – a move Oxfam welcomes.
The true scandal is that most of the schemes used by BASF are legal, and a consequence of fierce tax competition between EU member states, says Oxfam in reaction to the Greens/EFA group report on aggressive tax planning practices of German chemical giant BASF.
EU finance ministers have decided today to remove eight countries from the EU’s blacklist for tax havens, rushing to take countries off the blacklist without it being clear what they have actually committed to improve.
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.
This G7 finance meeting has again been a debate among exclusive club members without the equal participation of developing countries. It’s no wonder that tax issues relevant to poor countries were not addressed.
G20 Finance Ministers must support more fundamental reforms to the global tax system as part of their plans to deliver sustainable economic growth said Oxfam today.