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Today EU Finance Ministers discussed tax matters, including money laundering and automatic exchange of information between tax authorities.

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.

In response to the OECD’s tax deal announced today, Oxfam’s Tax Policy Lead Susana Ruiz said: “Today's tax deal was meant to end tax havens for good. Instead it was written by them." 

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. 

When global corporations and the super-rich use tax havens to avoid paying their fair share, it is the poorest countries and people who lose most. This briefing lists five actions governments can take to tackle tax avoidance and end the era of tax havens.

Today, the European Commission published an ‘Action Plan For Fair And Simple Taxation Supporting The Recovery Strategy’, including a communication on ‘Tax Good Governance in the EU and beyond’.

Oxfam today revealed that just over a quarter of the taxes that could be raised each year from money currently hidden away in tax havens would be enough to lay the foundation for ending global hunger.

Responding to the announcement today that the G7 will back a global minimum corporate tax rate of 15 percent, Gabriela Bucher, Executive Director of Oxfam International, said: “Fixing a global minimum corporate tax rate of just 15 percent is far too low. It will do little to end the damaging race to the bottom on corporate tax and curtail the widespread use of tax havens."

The European Commission has missed yet another chance to effectively end tax havens. Today’s tax transparency proposal is not sufficiently ambitious and too limited in its scope for that task.

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.