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Africa was cheated out of US$11 billion in 2010 through just one of the tricks used by multinational companies to reduce tax bills, according to new Oxfam report, ‘Africa: Rising for the few,’ released today.

This briefing explores some of the solutions for fighting corporate tax avoidance that the European Union should present in 2015, and explains why it is important to adopt them as soon as possible.

New Oxfam research shows that four pharmaceutical corporations – Abbott, Johnson & Johnson, Merck & Co (MSD), and Pfizer – systematically hide their profits in overseas tax havens. This activity could deprive developing countries of more than $100 million every year – money that is urgently needed to meet the health needs of people in these countries.

Christine Lagarde, the International Monetary Fund’s managing director, and Jim Yong Kim, president of the World Bank, spoke Tuesday about their institutions’ priorities ahead of next week’s spring meetings in Washington. 

Oxfam is pleased that several multinational companies  attended a hearing in front of the European Parliament’s TAXE committee on Monday. The firms had initially refused to do so.Oxfam’s EU policy advisor for inequality and taxation, Aurore Chardonnet, said: “Companies decided to show up thanks to growing public and political pressure. This indicates they are starting to realize they will no longer get away with secretive tax deals and that transparency in business is the way forward. Opinion polls show that the vast majority of European citizens are in favor of tougher rules…

An explosion in extreme wealth and income is exacerbating inequality and hindering the world’s ability to tackle poverty, Oxfam warned today in a briefing published ahead of the World Economic Forum in Davos next week.

Did you know that since the start of the COVID-19 pandemic, billionaires have made unimaginable, record-breaking fortunes? Every year, the gap between rich and poor gets even wider – standing in the way of ending global poverty. It is time to bring an end to inequality and overcome poverty for good.

Today, Oxfam publishes “Takers Not Makers” as business elites gather in the Swiss resort town of Davos and, billionaire Donald Trump backed by the world’s richest man, Elon Musk, is inaugurated as President of the United States. The report shows that globally, billionaire wealth grew by $2 trillion in 2024 alone, at a rate three times faster than the previous year.

The G20 should take urgent action to protect poor countries from economic crisis that is forcing 100 people-a-minute into poverty, Oxfam said today. Developing countries across the globe are struggling to respond to the global recession.

“We’re very pleased to see the World Bank focus its flagship report on inequality and underscore the threat that inequality poses to fighting poverty," said the head of Oxfam International’s Washington office, Nadia Daar.