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G20 finance ministers in Lima today endorsed international tax reforms for tackling tax dodging launched by the Organization for Economic Cooperation and Development (OECD). While the measures are a tax milestone, they poorly represent the critical needs of developing countries, Oxfam warned today.

In a puzzling move, inequality was not on the agenda at the International Monetary Fund’s Press Briefing in the Peruvian capital today, while World Bank President Jim Kim said TPP could boost growth.

Fighting inequality is not just an issue of fairness but an economic necessity. That’s not Oxfam speaking, but the International Monetary Fund today. 

Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population – a figure that has fallen from 388 just five years ago, according to an Oxfam report published today ahead of the annual gathering of the world’s financial and political elites in Davos.

Oxfam leaders, experts, and partners will be in New York for the UN General Assembly with a focus on the SDGs, inequality, climate, access to healthcare, humanitarian issues, and more. Oxfam is a global organization that fights inequality to end poverty and injustice and will bring this focus on inequality (Goal 10) and how it intersects with the entire 2030 agenda.

In response to the G20 communique, Oxfam says: ‘The G20 has failed to meet the huge challenges our world faces. They continue to stumble away from taking the bold actions necessary to tackle poverty, inequality, and climate change after an uninspiring and underwhelming Summit in India this weekend.” 

The coronavirus pandemic has swept across a world unprepared to fight it. Only one in six countries assessed for the CRI Index 2020 were spending enough on health, and in more than 100 countries at least one in three workers had no labour protection such as sick pay.

Under this new proposal, companies’ profits and their ability to shift them offshore will barely be affected and consequently developing countries will only see a very small increase in their corporate tax revenues. 

We need to transform our economies to deliver universal health, education and other public services. To make this possible, the richest people and corporations should pay their fair share of tax. This will drive a dramatic reduction in the gap between rich and poor and between women and men.

World Economic Forum’s Human Capital Report demonstrates the need for a massive increase in funding for public education to close the growing gap between rich and poor and build a workforce that is fit for the future.