corporate tax

Today, the European Commission presented its proposal for new sources of revenue for the EU’s budget.  

Today, EU finance ministers again failed to agree on an EU minimum tax for multinational companies. This follows a deal struck at the international level to implement a global minimum tax. 

Today, the European Parliament voted through a non-binding report on the European Commission’s proposal to implement the deal on a global minimum tax at the EU level. EU Finance Ministers are expected to vote on a final agreement next Tuesday, 24 May. 

Today, EU negotiators struck an agreement on the public Country-by-Country Reporting proposal. The deal means companies with operations in the EU will be required to publish information on how much tax they pay in EU countries and non-EU countries that are on the EU’s black or grey list. Information on other non-EU countries will only be available on an aggregated global basis. 

Today, the European Court of Justice ruled that Luxembourg did not provide illegal state aid to Amazon through a tax deal.  The ruling overturns the 2017 decision from the European Commission ordering Amazon to pay back 250 million euros in unpaid taxes to the Grand Duchy.

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 European Parliament voted on the report "Own resources: a fresh start for the EU Finances, a new start for Europe". The ONE Campaign, Oxfam, ActionAid and Global Citizen are campaigning for any new own resources to be used to increase the EU’s external action budget to deliver on the EU’s promises on global development and climate action.

Today the European Parliament  Committee on Budgets voted on the Committee's own initiative report on new own resources to finance the EU budget and EU political priorities.

Rich and poor countries alike have exacerbated an explosion of economic inequality since the outbreak of the pandemic from 2020, reveals new research by Oxfam and Development Finance International (DFI). 

The G7 must pursue windfall taxes on excess corporate profits including from those making huge returns from surging food and energy prices. The revenues can be used to fund an end to global hunger and to tackle climate change, says Oxfam.