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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.

The international tax system is broken and unfair.  July’s Finance for Development Conference in Addis is the perfect time to ensure all parties agree to tackle this problem.

Responding to the UK Government's decision to launch a legal challenge to plans for a European Financial Transaction Tax, Nicolas Mombrial, Oxfam EU policy adviser, said:

G20 countries are the biggest losers when US multinationals avoid paying taxes where they do business. This is the main finding of a new report on the global tax system, ‘Still Broken,’ released by the Tax Justice Network, Oxfam, Global Alliance for Tax Justice and Public Services International today.Overall it is estimated that, in order to reduce their tax bills, US multinationals shifted between $500 and 700 billion—a quarter of their annual profits—out of the United States, Germany, the United Kingdom and elsewhere to a handful of countries including the Netherlands, Luxembourg…

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.

Mega rich oil, gas and coal companies are driving humanity to the edge of destruction and earning billions in doing so. 

G20 finance ministers in Lima today endorsed international tax reforms for tackling tax dodging launched by the Organization for Economic Cooperation and Development (OECD). While the measures are a tax milestone, they poorly represent the critical needs of developing countries, Oxfam warned today.

EU governments are losing out on a staggering 286.5 billion euros in revenue annually, equivalent to 33 million euros per hour, due to their failure to fairly tax Europe’s wealthiest. This amount, equivalent to Finland’s GDP, represents what a European wealth tax of up to 5 percent could raise every year, according to Oxfam’s analysis. 

The proposed European Union (EU) investment plan could receive an annual boost of €120 billion in public money if Europe clamped down on tax dodging, says Oxfam.The worldwide organization released this new figure as EU leaders meet today to discuss the €315bn investment proposal put forward by European Commission President Jean-Claude Juncker to kick-start Europe's economy. Juncker believes the €315bn needed could be raised from a €21bn investment fund, assuming every euro invested produces 15 in return. However, most European Investment Bank (EIB) evaluations show…

Today, the European Commission unveiled a package of emergency measures to curb the surge in energy prices which are hitting European consumers hard. The package includes two measures to capture extraordinary profits from energy and fossil fuel companies.