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The US and some European countries are seeking to water down historic global tax reforms warned Oxfam today, ahead of a meeting of G20 Finance Ministers and central bank governments in Riyadh, Saudi Arabia this weekend. G20 Ministers are expected to give the green light to the Organization for Economic Cooperation and Development’s (OECD) outline proposals for tax reform at the meeting on 22 and 23 February.

Reacting to the vote of the European Finance Ministers in favour of the 'enhanced cooperation procedure' for a financial transaction tax in eleven European countries, Nicolas Mombrial,

With the adoption of the TAXE report, the European Parliament voted in favor of specific recommendations aimed at stopping corporate tax avoidance across the European Union.

The Netherlands is a top EU tax haven, an Oxfam analysis of European Commission data shows.

The criteria adopted by EU Finance Ministers for screening countries over tax abuse will be of little to no use in ending the era of tax havens. 

Panama, the Cayman Islands and the Seychelles have rightly been added to the EU tax haven blacklist. However, the list still proves inadequate, said Oxfam today.

With a growing EU gray list of tax havens, the EU must make sure countries follow up on their commitments, or else blacklist them, Oxfam said.

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. 

The European Commission today published an action plan for a fairer corporate tax system in the European Union.

Today, European ministers updated the EU’s list of tax havens. The update added no countries to the blacklist and 10 countries to the greylist.