Tax havens are at the heart of a global system that allows multinational companies to avoid paying their fair share of taxes, while 896 million people worldwide are trapped in extreme poverty. Nine out of ten of the world’s biggest corporations have a presence in tax havens and it is estimated that corporate tax dodging costs poor countries at least $100 billion every year.
Oxfam’s new research reveals the world’s worst corporate tax havens. Some of them are far from tropical islands in the sun. And they are just the tip of the iceberg.
Tax havens are fuelling an inequality crisis that sees 62 people own the same wealth as the poorest half of the planet. We must work together and call on world leaders to end their use, once and for all.
Collecting tax is one of the key means by which governments are able to address poverty. But big business is dodging tax on an industrial scale, depriving governments across the globe of the money they need to address poverty and invest in healthcare, education and jobs.
This report exposes the world’s worst corporate tax havens – extreme examples of a destructive race to the bottom on corporate tax which has seen governments across the globe slash corporate tax bills in an attempt to attract business.
It calls on governments to work together to put a stop to this race to the bottom and to tax havens that are driving inequality and poverty around the globe.