Today the OECD published its blueprints for how to repair the global corporate tax system, which follows an update that the OECD provided in January 2020. 

• Eurodad analysis shows Covid-19 ‘recovery packages’ could force tax increases and spending cuts in 80 developing countries by 2023, threatening achievement of SDGs.
• 59 countries have fiscal consolidation plans over next three years that are almost five times larger than Covid-19 response packages implemented in 2020

Today the OECD Development Assistance Committee (DAC) – the group of countries that regulate how aid should be reported – agreed new rules for reporting debt relief as Official Development Assistance (ODA). Eurodad regrets that donor governments decided to rush an agreement, which allows them to report additional ODA for debt relief.

• Debt suspension offered by G20 only covers 3.65% of all the debt service payments to be made in 2020 by all developing countries
• G20 leaders urged to massively scale up debt relief and work on longer-term global reforms to resolve debt crises or risk abandoning sustainable development and climate goals

Today, the European Court of Justice decided to annul the European Commission’s decision that Ireland’s tax treatment of Apple constituted illegal state aid.

CSOs are urging donor countries not to change the rules for reporting debt relief as Official Development Assistance (ODA) when they meet this Wednesday (15 July)

Today, the UN Secretary General called for a sovereign debt restructuring mechanism to be established as part of the longer term response to the Covid-19 crisis and its economic impacts. The call is accompanied by a new report from UNCTAD - the main UN body dealing with trade, investment and development issues - calling for a global authority to oversee debt restructurings.

New statistics published today in the midst of the Covid-19 pandemic show donors are far from delivering on their long-standing commitments and urgently need to reassess the way aid is delivered to target those who are being left behind.

On World Health Day, amid an unprecedented global crisis, more than 100 organisations are calling for developing country debt to be cancelled to fight the Covid-19 health and economic crisis.

A report published today shows that rapidly rising and more expensive public debt is pitting the rights of creditors against those of the world’s poorest - and in particular women and girls - as countries devote up to 40 per cent of revenue to external debt service.