Every year, corporate tax avoidance costs countries around the world an estimated US$ 500 billion.

The Group of 77 (G77) – representing more than 130 developing countries – has repeatedly proposed the establishment of an intergovernmental tax body under the United Nations (UN) to fix the broken global tax system.

The new European Commission is sending a clear signal by tabling a “Green New Deal” within a month of its inception. But to be a true statement of intent rather than a mere public relations manoeuvre, it must speak to the urgency for action.  

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The Bretton Woods Institutions were built on the ruins of an old world-order, at the end of World War II, and the dawn of a new world order, marked by the birth of many new nation-states and the onset of the cold-war. 

Three years have passed since the European Commission published a legislative proposal for mandatory tax transparency for multinational companies in the EU, called Public Country by Country Reporting. This week, Ministers from EU Member States will discuss the proposal for the first time at the Competitiveness Council meeting of the EU.

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#DevelopmentFinance #ECJ #StateAid #DebtWorkout #GlobalGoals #FinancialJustice4All #ActionAid #Fairtrade

Cracks in the broken tax system exposed as the European court rules that a tax deal between Luxembourg and Fiat was illegal state aid, while another between the Netherlands and Starbucks was not.

Following the European elections in May, former German defence minister Ursula von der Leyen has assumed the role of President-elect of the European Commission. In July, von der Leyen, the first woman to take this post, released a concept paper titled “A Union that strives for more” and on Tuesday this week she unveiled the names of the new Commissioners.  And with these releases, the policy agenda of the next European Commission, mandated to govern until 2024, is slowly taking shape. In response, we ask what are the implications for development finance?