This report reveals the widespread use of tax havens and low tax jurisdictions in the corporate structures of companies holding petroleum rights in Kenya.
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.
This report examines the failings of the global tax system that facilitate mass tax avoidance. It looks at one example of a multinational company (MNC) that Oxfam thinks is not paying its fair share. Moreover, it calls on governments and business to implement the reforms that are needed to stop MNCs from avoiding paying their fair share of tax in the future.
Oxfam strongly welcomes today’s leaked documents on Luxembourg’s tax haven operations revealed by the International Consortium of Investigative Journalists (ICIJ), showing that Luxembourg granted favorable tax treatment to many multinational corporations in order for them to dodge taxes by routing their profits through the country.
The governments of Latin America and the Caribbean must implement fiscal reforms that benefit all citizens and not only economic and political elites, according to Oxfam.
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 G20’s plan to tackle corporate tax dodging, devised by the Organisation for Economic Co-operation and Development (OECD), needs a radical shake up so that developing countries can capture their fair share of foreign business activity, according to a new report published today by Oxfam.
At the close of the World Bank and International Monetary Fund’s Spring Meetings in Washington, Chris Stalker, Acting Head of Oxfam International’s Washington office, commented on the week's developments.
