Tax havens: patience is running out

Did people really hope that the club of rich countries that is the Organisation for Economic Co-operation and Development (OECD) would be able to offer the world solutions to end tax abuses by multinational corporations? Seven years after being mandated by the G20—the world’s top 20 economies—to overhaul the international tax system, the institution recently revealed a series of proposals which are as complex as they are disappointing.

Hospitals need more resources. The education system needs more resources. Small businesses, on the verge of bankruptcy, need more resources. And someone will have to foot the bill. That’s why it’s urgent to get these funds from tax havens. And since the OECD is unable to impose reform, it is time for the European Union to move forward, including by introducing an effective minimum tax on corporate profits. 

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