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At the Annual Meetings of the World Bank and the IMF in Peru this week, moves to help combat inequality and climate change were announced, but G20 finance ministers failed to adequately address the skewed international tax system, said Oxfam today.

Unresolved rigged tax rules and privatized development are the major drawbacks of the UN Financing for Development Conference outcome, says Oxfam.

Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population – a figure that has fallen from 388 just five years ago, according to an Oxfam report published today ahead of the annual gathering of the world’s financial and political elites in Davos.

With the adoption of the TAXE report, the European Parliament voted in favor of specific recommendations aimed at stopping corporate tax avoidance across the European Union.

Eight of ten Europeans say laws need to change to clamp down on the use of tax havens, a poll published on Tuesday shows.

Oxfam welcomes the investigation of tax deals major companies strike with EU member states, but tax reform is key to end harmful and unfair tax practices.