Today's agreement is not fair nor ambitious, and there is a high risk of it leading to a more complex and ineffective tax system.

“We’re in a middle of a global crisis, but while many big multinational corporations are cashing in record profits, large-scale corporate tax avoidance continues to cost our societies billions of Euros in lost tax income every year. We know that public country by country reporting can help solve this problem, and that is why we need urgent action. Sadly, today’s agreement has been watered down so much that it will not be effective.”

Research discloses the identity of 501 institutional investors which hold a total of US$ 169 billion in sovereign bonds of 62 developing countries.

It has never been more urgent and important to fix our broken corporate tax system.

While the Commission’s state aid cases are important for shining a light on the problems, they are not the solution. We need to throw the current corporate tax system in the bin and replace it with a system fit for the 21st century.

Corporate tax avoidance costs countries hundreds of billions of Euros in lost tax income every year. Fighting this should be top priority for any government, not least when we’re in the middle of the Covid-19 crisis.

• OECD preliminary figures for 2020 show donors still failing to reach commitment to spend 0.7% of GNI on ODA
• Loans are on the increase

Eurodad Director Jean Saldanha reflects on the 2021 World Bank and IMF Spring Meetings.

According to the Financial Times and other news media, the US Administration has put forward specific proposals for the design of future global tax standards, which are currently being negotiated within the OECD-led “Inclusive Framework”.

World leaders failed to seize an opportunity for vital reform of the international debt architecture when they met yesterday (29 March) at the UN.