That’s no surprise. The OECD had certainly sought to legitimise its claim to speak for all by creating an ‘inclusive framework’ involving developing countries. However, of the 137 nations sitting around the negotiating table, only the G7—those home to the major multinationals and their lobbying teams—had a voice. As a result, the solutions advocated by the OECD would hardly limit financial flows to tax havens and the scarce resources recovered would mainly benefit rich countries. [...]
Estimating the loss of resources caused by corporate and individual tax abuse country by country, and the consequences for healthcare spending, this research is chilling. Globally, these diversions correspond to 9.2 per cent of health budgets, equivalent to the salaries of 34 million nurses. The impact is even more devastating in developing countries, where the shortfall represents 52.4 per cent of health spending. [...]
Of course, there is strong opposition within the EU itself, for one simple reason: if we readily point the finger at the small islands of the Caribbean, it is to make people forget that Europe has its own tax havens. The departing UK, together with its network of Overseas Territories and Crown Dependencies—often referred to as its ‘spider’s web’—is responsible for 29 per cent of the $245 billion the world loses to corporate tax abuse every year, according to The State of Tax Justice. And we have further examples inside the EU. Every year, for example, the Netherlands steals the equivalent of $10 billion from its EU neighbours. And it is not alone: Luxembourg, Ireland, Cyprus and Malta do the same.
