G7 finance ministers must adopt strong commitments to tackle extreme inequality, said Oxfam today ahead of a G7 Finance Ministers meeting in Chantilly, France on 17 - 18 July. The meeting is being held ahead of a G7 Heads of State Summit in Biarritz, France at the end of August.
Oxfam is calling for G7 Ministers to support radical reforms to the global tax system to ensure wealthy corporations and individuals pay their fair share of tax. Oxfam is also calling for measures that ensure employers publish more information on the pay gap between CEOs and employees, as well as between men and women, as a first step towards reducing wage inequality.
Quentin Parrinello, Oxfam's tax policy advisor said:
"Extreme inequality - where the richest 1 percent in the world own as much as the rest of us - is fueling poverty and fracturing our societies. G7 leaders must start to close the gap between the super rich and the rest of us by rebuilding our outdated global corporate tax system so that multinational corporations pay their fair share of tax."
"The G7 must put its weight behind tax reforms that ensure corporations are taxed where they make their money, rather than the tax haven they are registered in, and which sets an ambitious global minimum corporate tax rate paid by all companies, without exception. A fairer tax system could help deliver on SDGs and contribute to reducing inequalities, especially in developing countries."
Notes to editors:
Ahead of G20 meeting in Fukuoka, Japan on 8 - 9 June 2019, Oxfam released a policy note - Tax Revolution? - which provides more details on the OECD negotiations and what is at stake.
Oxfam is urging G7 Finance Ministers to take action in four key areas: provide support for radical reforms to the international corporate tax system so that wealthy individuals and corporations pay their fair share of tax; support for a common transparency standard in pay ratios to reduce wage inequality; deliver on their aid promises and spend more aid helping poor countries mobilize revenue through more progressive tax systems; and a commitment to mitigate the risk of over-indebtedness in developing countries