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It is shameful to see European banks again involved in a major global money laundering scandal.
Today the European Commission released its fourth package to combat tax evasion and tax avoidance. This corporate tax reform package notably includes a proposal to harmonize the tax base among EU 28 member states. Oxfam supports the ongoing efforts of the European Commission to reopen discussions on tax base harmonization and to push ahead in the fight against tax avoidance.
47 economists and experts from across Japan, including Iwahito Katsui, renowned economist and professor emeritus at Tokyo University, have come together to urge the Japanese government to take a lead on tackling tax havens at the G7 Leaders Summit.
Latin America and the Caribbean (LAC) is still the most unequal region in the world, despite economic growth and the reduction of both poverty and inequality over the last decade.
Inequality in Africa is rising to dangerous levels and unless checked will undermine the usefulness of economic growth on the continent.
Oxfam warns that in spite of the advances made in the last decade, Latin America and the Caribbean remains the region of highest wealth inequality in the world. Its elites continue to accumulate extreme wealth and excessive power.
Sweeping measures to improve transparency and governance are urgently needed to end a scandal that has seen Africa lose an average of $1 billion every week for the past 30 years in illicit financial flows.
If G20 nations were hit as hard by corporate tax dodging as Africa, they’d have a $1.2 trillion hole in their budgets.