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European leaders meeting today to discuss ways of boosting economic growth should press ahead with plans for a financial transaction tax (FTT), Oxfam said.

After months of deadlock, EU countries reached an agreement on a low-rate minimum tax for multinational profits at the EU level. This follows a deal struck at the international level to implement a global minimum tax.  

One year on from the declaration of the COVID-19 pandemic, the People’s Vaccine Alliance is warning that developing countries are facing critical shortages of oxygen and medical supplies to cope with COVID-19 cases yet the majority have been unable to administer a single dose of a COVID-19 vaccine. In contrast rich nations have vaccinated their citizens at a rate of one person per second over the last month.

"The outcome of the Nairobi summit signals a renewed commitment to development effectiveness that is critical to ending poverty. Rich, donor countries must get behind this agenda, not undermine it, especially as our world faces huge, unprecedented humanitarian challenges," said Oxfam International's executive director, Winnie Byanyima. 

More doses of Covid-19 vaccines have been delivered to the EU, the UK and the United States in the six-week run up to Christmas than African countries have received all year, new analysis from the People’s Vaccine Alliance reveals today.

Today, the European Parliament voted through a non-binding report on the European Commission’s proposal to implement the deal on a global minimum tax at the EU level. EU Finance Ministers are expected to vote on a final agreement next Tuesday, 24 May. 

Reacting to the outcome of the Busan aid negotiations, Oxfam said donors had put off important decisions about how to improve aid.

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:

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.

Oxfam welcomes the action plan put forward today by the European Commission for the EU to catch up on its commitments towards the Millennium Development Goals. Member states must give their go-ahead at the EU summit in June.