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Today, EU finance ministers again failed to agree on an EU minimum tax for multinational companies. This follows a deal struck at the international level to implement a global minimum tax. 

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."  

The publication of the Panama Papers database is a significant blow against tax dodgers but the public should not have to rely on whistleblowers to expose tax cheats, said Oxfam today.  Oxfam is calling on politicians gathering in London for the Anti-Corruption Summit on 12 May to end the secrecy that enables companies and wealthy individuals to avoid paying their fair share of tax.

The world’s leading economies must act now to stop the price of basic foods from surging further out of the reach of poor people. They must also commit to a Financial Transaction Tax (FTT) to help millions of people hit by the economic crisis and climate change.

The upcoming EU tax haven blacklist has to include at least 35 countries, including notorious tax havens such as Switzerland and Bermuda, in order to be effective, Oxfam finds in a new report published today. The analysis also shows that at least 4 EU countries would be blacklisted if the EU were to apply its own criteria to member states.

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In response to the latest Panama Papers leak that exposes how Africa is being deprived billions of dollars in natural resource revenues due to offshore deals, Winnie Byanyima, Executive Director of Oxfam International, said governments are just not doing enough to stop illicit flows, tax evasion and tax avoidance.

Oxfam welcomes the World Bank and IMF’s recognition of the powerful and catalyzing impact of fairer tax systems in reducing poverty, inequality and promoting growth. But the two institutions need to provide more clarity on their proposal.

Progress by G20 Finance Ministers toward tackling the issue of multinational tax avoidance has been welcomed by Oxfam Australia Chief Executive Dr. Helen Szoke, though there is a need for more specifics on how and when low-income countries will benefit.

Response to the announcement that 82 countries, including many developing countries, have signed up to implement the OECD’s BEPS agreement to tackle corporate tax avoidance.