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Progress by G20 Finance Ministers toward tackling the issue of multinational tax avoidance has been welcomed by Oxfam Australia Chief Executive Dr. Helen Szoke, though there is a need for more specifics on how and when low-income countries will benefit.

Millions of poor people will go without life-saving food and medicines as donor aid pledges to poor countries are breached.

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. 

‘Big Chocolate’ is booking huge profits while failing to pay prices that support a living income for cocoa farmers in Ghana, reveals new analysis by Oxfam today ahead of World Fair Trade Day (13 May). 

A staggering new poll has revealed that support for higher taxes on wealth is popular with dollar millionaires from across G20 countries. It comes as 260 millionaires and billionaires have signed a new letter demanding world leaders increase their taxes, to coincide with the World Economic Forum in Davos, Switzerland. The polling is part of the “Proud to Pay More” report, published alongside the letter, which profiles some of the world’s wealthiest people on why they support higher taxes on themselves.

Responding to the publication of the Fiscal Monitor by the International Monetary Fund today, Susana Ruiz, Oxfam International's Tax Policy Lead, said: “Oxfam strongly welcomes the IMF’s call for progressive and emergency taxes to fund the recovery from the COVID-19 crisis, including taxing excess corporate profits and top income levels.

COVID-19 has pushed millions into poverty in East Africa, and worsened inequality. However, building back during and after the pandemic offers East African governments a once-in-a-generation opportunity to do what their citizens want: make their economic systems fairer by increasing taxes on wealthy and large corporations, boost public spending, and improving workers’ rights.

“Today’s lack of progress on debt relief is as irresponsible as it is underwhelming. Merely encouraging private sector creditors and multilateral banks to participate in the Debt Service Suspension Initiative (DSSI) is woefully inadequate and a dereliction of duty. The G20 is in denial of the scale of response needed to address the worse global crisis in a century," said Jaime Atienza, Oxfam International’s Debt Policy Lead, in response to the communiqué of the G20 Finance Ministers and Central Bank Governors Meeting.

In response to the outcome of COP28, Oxfam International’s Climate Change Policy Lead Nafkote Dabi said: “Everyone fighting against the global climate crisis has little to celebrate from this disappointing COP28. Its final outcome is grossly inadequate. Oil, coal and gas won again, but they had to struggle harder to do so and their era is nearing its end."   

"The selection of David Malpass as the US nominee for World Bank president is concerning. Mr. Malpass has yet to demonstrate his commitment and vision for addressing many of the great global challenges of our time," said Nadia Daar, Head of Oxfam International’s Washington Office, in reaction to President Trump’s reported selection of David Malpass as the US nominee for World Bank president.