#ClimateFinance #DevelopmentFinance #TaxJustice #AnnualMeetings #EIB #SDRs #IDA

The remaining months of 2021 are crucial for the future of our humanity. The multiple and interrelated crises that we face call for an even greater level of unprecedented and truly multilateral action.

Non-inclusiveness and illegitimacy continue to be key concerns in relation to the negotiation of global tax rules. But which countries are really at the table when new rules get negotiated? And what are the risks associated with non-inclusive decision-making?

Transparency can help to support a level playing field, to inspire investor confidence and to help sustain public trust – all of which will in turn support business. This is why there is a strong business case for mandatory public country by country reporting.

Following last month’s tax agreement by the G7, the OECD-led Inclusive Framework has published a statement on the proposals for new global tax rules. 

Today, a new international tax scandal known as LuxLetters was revealed by Le Monde, Die Süddeutsche Zeitung, El Mundo, Woxx and Investigative Reporting Project, in cooperation with Tax Justice Network and The Signals Network. 

#Covid19 #Debt #EU #CBCR #G7 #Tax #Colombia #SDRs

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.”

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