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The International Consortium of Investigative Journalists (ICIJ) published a new report today exposing the wealthy individuals and multinational corporations using tax havens to avoid paying their fair share of tax. Susana Ruiz, Oxfam International’s Tax Policy Lead, said: “This is another shocking exposé of the oceans of money sloshing around the darkness of the world’s tax havens that must prompt immediate action, as has long been promised."  

Oxfam dismissed claims by the government of Bermuda that there are serial errors in the agency's report on the world’s worst tax havens today.  The UK overseas territory earned the top spot in Oxfam's list of corporate tax havens because of its corporate income tax rate of zero percent and its lack of enthusiasm for international cooperation against tax avoidance. In 2012, US multinational corporations reported more profits in Bermuda than in Japan, China, Germany and France combined.Esme Berkhout, tax policy advisor for Oxfam said:“Bermuda’s claim that Oxfam’s…

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.

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

At least $18.5 trillion is hidden by wealthy individuals in tax havens worldwide, representing a loss of more than $156 billion in tax revenue, according to new figures published today by international agency Oxfam.

Collecting tax is one of the key means by which governments are able to address poverty. But big business is dodging tax on an industrial scale. This report exposes the world’s worst corporate tax havens and calls on governments to work together to put a stop to this race to the bottom.

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. 

The Mauritius Leaks show that tax havens continue not only to exist but to prosper, despite government promises to rein in tax dodging. This briefing lists five steps governments can take to tackle tax avoidance, and end the era of tax havens and the race to the bottom on corporate taxation.

This joint briefing from Oxfam, Christian Aid, Action Aid and the CBI reflects a growing convergence between businesses and tax advocacy groups on the use of tax incentives in the Global South.  It argues that tax incentives can be a useful tool in promoting decent jobs and growth.  But it also contends that too often tax incentives are used in inefficient and ineffective ways, and in the worst cases are entirely redundant.  

Today, the European Commission unveiled its proposal for a single EU corporate tax rulebook: BEFIT (Business in Europe – Framework for Business Taxation).