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EU Finance Ministers must ensure countries removed from the tax haven blacklist deliver significant reforms, said Oxfam today, following an announcement that the Caribbean Islands of the Bahamas, and Saint Kitts and Nevis have been taken off the list.
Today's digital tax proposal could help bring EU tax rules into the 21st century, by updating them to the digital economy. However, the European Commission's short-term proposal will not stop tax dodging by big tech firms, and could delay the much-needed global long-term solution.
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.
The European Council has started to publish the commitments taken by countries to escape the EU blacklist of tax havens. Governments must now pressure all tax havens on the EU's grey list to make their commitments public, and the EU must ensure tax havens implement the reforms they have promised, or else blacklist them.
It is very good news that the European Commission seems ready to finally tackle harmful tax competition inside the European Union, Oxfam said in reaction to a report criticising seven EU member states for their aggressive tax policies. The organisation also welcomed the increased pressure on tax havens greylisted by the EU to make their reform commitments public.
Following the Paradise Papers revelations, the European Parliament decided today to establish a new special committee on tax fraud, tax evasion, money laundering, tax avoidance and aggressive tax planning.