Europe’s 20 biggest banks are registering over a quarter of their profits in tax havens – well out of proportion to the level of real economic activity that occurs there, according to a new report by Oxfam and the Fair Finance Guide International today.
It is shameful to see European banks again involved in a major global money laundering scandal.
Responding to the verdict in the retrial of the LuxLeaks whistleblowers, Max Lawson, Oxfam’s Inequality Policy Lead said: “Whistleblowers who expose tax dodging should be praised, not punished."
Do you want to know which are the countries that play the greatest role in driving the race to the bottom on corporate taxation? Check them out on our map and join us in taking action.
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.
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.
The European Commission’s decision on Ireland’s sweetheart tax deal with Apple shows that some tax practises can be terribly damaging. In times where poverty in Europe has been rising, governments must not churn the chance to raise billions in corporate tax income for the benefit of their citizens.
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.
Africa is losing billions to corruption, poorly negotiated deals and tax dodging. Leaders must listen to their people. They must crack down on tax dodging and maximize progressive revenues to create a more human economy for Africa.
Fifty one of the 68 companies that were lent money by the World Bank’s private lending arm in 2015 to finance investments in sub-Saharan Africa use tax havens, Oxfam revealed today.