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Fair tax regimes are vital to finance well-functioning states and to enable governments to uphold citizens’ rights to basic services, such as healthcare and education.
The G20’s plan to tackle corporate tax dodging, devised by the Organisation for Economic Co-operation and Development (OECD), needs a radical shake up so that developing countries can capture their fair share of foreign business activity, according to a new report published today by Oxfam.
Multinational tax evasion is entrenching poverty and weakening developing country economies, Oxfam has warned ahead of the G20 leaders meeting in Russia to chart a plan for boosting global economic growth.
During the two days of the G8 Summit, which starts today, $2.2 billion in illicit flows will have hemorrhaged from developing countries into tax havens and land one and a half times the size of Manhattan sold off to foreign investors.
Since 2000, companies in G8 countries have acquired land in developing countries more than the size of the whole of Ireland. This is enough to feed 96 million people every year – almost the total population of the UK and Canada.
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.