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The scale of the losses could outweigh the $103bn developing countries receive annually in overseas aid.

Multinational tax evasion is entrenching poverty and weakening developing country economies, Oxfam has warned ahead of the G20 leaders meeting in Russia to chart a plan for boosting global economic growth.

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.

European leaders failed today to meet the expectations they had raised of cracking down on tax dodging at a summit in Brussels. In reaction, Catherine Olier, Oxfam’s EU Policy Adviser, said:

Oxfam spokesperson Luc Lampriere said: 

The G20 must take necessary steps to reform the international taxation system to stop wealthy tax dodgers, beginning at its Finance Ministers and Central Bank Governors meeting this weekend (22-23 Feb) in Sydney.

What should have been a watershed G20 summit for shared global prosperity fell short of its potential – but some of the strongest ideas, especially the Robin Hood Tax, did overcome the opposition of some countries.

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.

Less than eight cents in every dollar raised in tax revenue in G20 countries now comes from taxes on wealth, reveals new analysis by Oxfam today ahead of the first meeting of G20 Finance Ministers and Central Bank Governors in Sao Paulo, Brazil. 

On the eve of technical talks to thrash out the final details of the OECD tax deal ahead of the G20 Finance Ministers meeting next week, Oxfam is calling for world leaders to bring fairness and ambition back to the table and deliver a tax plan that won’t leave developing countries with next to nothing.