Flaw at the heart of G20 Tax Convention signed today in Cannes
Oxfam spokesperson Luc Lampriere said:
"The principle of a multilateral convention on tax is welcome -- but it must make it possible for poor countries to recoup the 125 billion Euros in tax revenue they lose each year due to corporate tax dodging. But this convention is immediately flawed because of a proliferation of new bilateral deals that allow tax havens to keep their secrects safe.
The UK and Germany have just signed deals with Switzerland which allow some repatriation of tax revenue but still guarantee Swiss banking secrecy. Transparency should be at the heart of cooperation between governments to fight against opaque structures like anonymous banking accounts or shell companies."