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New IMF Report should trigger seismic shift in international communities approach to corporate tax abuse, says Oxfam

By   /  March 13, 2019  /  Comments Off on New IMF Report should trigger seismic shift in international communities approach to corporate tax abuse, says Oxfam

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Source: Oxfam New Zealand

“The IMF report confirms what Oxfam has being saying for years – that the international tax system is broken and needs fundamental reform.

“This report should trigger a seismic shift in the international communities approach to corporate tax abuse. It recognises that corporations are paying less than they were even before the financial crisis; that simply plugging holes in the current tax system is not enough, and that deeper reforms are needed, including greater transparency and an end to harmful tax competition. 

“The baton now passes to the global tax community currently led by the OECD.  Its new round of tax negotiations must kick-start the fundamental reforms that are needed and ensure all countries – including developing countries who come off worse under the current tax system – have a real say in the outcome.” 

“Governments must ensure everyone pays their fair share of tax if they are going to raise the funds they need to deliver on their promises of healthcare and education for all.”

Oxfam New Zealand’s Fair Tax Now campaign is demanding our government legislate for greater multinational-corporation tax transparency, through public country-by-country reporting (PCBCR). The IMF report states that such measures will enable more people, including academics, to see information from multinational corporations and help create a fairer and more inclusive global tax system. 

As the New Zealand government engages in the Base Erosion and Profit Shifting (BEPS) 2.0 process, it needs to ensure transparency and inclusion is at the heart of tax reform, Oxfam New Zealand Advocacy and Campaigns director Dr Joanna Spratt said.

“New Zealand can do its bit by legislating for more transparency from multinational corporations, with the idea that this also supports our Pacific neighbours, many of whom have small tax administration systems.

“As New Zealand engages globally on further tax reform, we must remember that despite the efforts to bring in developing countries, thus far it’s been the more advanced economies that have driven tax reform. 

“We agree wholeheartedly with the IMF in that while some improvements can be achieved within nations and regions, stronger institutions for global cooperation are required in order to achieve the fundamental tax reform that is needed.”

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MIL OSI

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