corporate tax

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. 

Today, the European Parliament voted through a non-binding report on the European Commission’s proposal to implement the deal on a global minimum tax at the EU level. EU Finance Ministers are expected to vote on a final agreement next Tuesday, 24 May. 

Today, EU negotiators struck an agreement on the public Country-by-Country Reporting proposal. The deal means companies with operations in the EU will be required to publish information on how much tax they pay in EU countries and non-EU countries that are on the EU’s black or grey list. Information on other non-EU countries will only be available on an aggregated global basis. 

Rich and poor countries alike have exacerbated an explosion of economic inequality since the outbreak of the pandemic from 2020, reveals new research by Oxfam and Development Finance International (DFI). 

The G7 must pursue windfall taxes on excess corporate profits including from those making huge returns from surging food and energy prices. The revenues can be used to fund an end to global hunger and to tackle climate change, says Oxfam.

In reaction to European Commission proposals related to corporate tax, released on 22 December 2021, Chiara Putaturo, Oxfam’s EU Tax expert, said: “After almost two years into the global COVID-19 pandemic, that has increased inequality across Europe and poured billions of taxpayers' money into keeping businesses afloat, it’s high time that the European Commission proposes to make big companies pay more taxes."

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." 

On the eve of technical talks to thrash out the final details of the OECD tax deal ahead of the G20 Finance Ministers meeting next week, Oxfam is calling for world leaders to bring fairness and ambition back to the table and deliver a tax plan that won’t leave developing countries with next to nothing. 

In response to the World Bank Group today issuing a statement announcing the discontinuation of its Doing Business report, Nadia Daar, Head of Oxfam International’s Washington DC Office, said: “It's a welcome move and about time the World Bank scrapped its Doing Business report, a global competitiveness index that encouraged governments to adopt destructive policies that worsen inequality, like slashing labor regulations and corporate taxes."

Responding to the announcement today that the OECD Inclusive Framework on Base Erosion and Profit Shifting has agreed to push ahead with the two-pronged global tax reform deal and set a global minimum corporate tax of 15 percent, Gabriela Bucher, Executive Director of Oxfam International, said:  “This is not an ‘historic’ deal ―it is history repeating itself. Those who shamelessly rigged the global tax system to their benefit over a century ago have again ring-fenced the game for themselves."