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The EU has whitewashed two of the world’s most harmful tax havens in today's review of the its tax haven list, says Oxfam.

Less than eight cents in every dollar raised in tax revenue in G20 countries now comes from taxes on wealth, reveals new analysis by Oxfam today ahead of the first meeting of G20 Finance Ministers and Central Bank Governors in Sao Paulo, Brazil. 

EU governments are on the brink of agreeing a tax haven blacklist that could ensure corporate tax havens face international sanctions for the first time. This is a welcome move if the list includes objective and comprehensive criteria instead of focussing solely on opacity of tax systems, said Oxfam today.

Governments tried to further water down an already weak legislative proposal, Oxfam said in response to the EU finance ministers’ failure to agree on new measures against corporate tax dodging.

#OpenLux shows how big companies and billionaires use EU tax havens to set up shell corporations and dodge their tax bills.     

Europe’s General Court ruled that Amazon did not profit from illegal state aid in Luxembourg. This ruling dates back to a 2017 European Commission decision which stated that Amazon benefited from an illegal tax deal with Luxembourg and had to repay €250 million in unpaid taxes to the Grand Duchy. Amazon and Luxembourg have appealed this decision. The verdict follows last year’s defeat for the Commission in its high-profile case against Apple and Ireland.  

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.

EU Finance Ministers have dropped five of the world’s worst tax havens from the EU 'black' and 'grey' list of tax havens published today.

Today, European finance ministers updated the EU tax haven list. They added Brunei Darussalam and removed Costa Rica and Curaçao from the greylist. There were no changes to the blacklist. 

This briefing includes recommendations for how Development Finance Institutions (DFIs) can take a much-needed and overdue proactive role in ensuring tax payments and domestic resource mobilization in developing countries follow from their investment decisions.