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SECTION 1 2 3 NOTES
390. In C. Godfrey (2014) op. cit., Oxfam estimated the tax gap for
developing countries at $104 billion every year and corporate
income tax exemptions at $138 billion a year. These losses
combined could pay twice over the $120 billion needed to
meet the Millennium Development Goals related to poverty,
education and health, as calculated by the OECD (2012)
‘Achieving the Millennium Development Goals: More money
or better policies (or both)’, OECD Issue Paper,
http://oecd.org/social/poverty/50463407.pdf
391. M.P. Keightley (2013) ‘An Analysis of Where American
Companies Report Profits: Indications of Profit Shifting’
CRS Report for Congress, Congressional Research Service,
http://fas.org/sgp/crs/misc/R42927.pdf
392. For full details of Oxfam’s calculations and methodology
see: Oxfam (2013) ‘Tax on the ‘private’ billions now stashed
away in havens enough to end extreme world poverty
twice over’, 22 May, http://oxfam.org/en/pressroom/
pressreleases/2013-05-22/tax-private-billions-nowstashed-away-havens-enough-end-extreme
393. Data taken from World Bank database,
http://data.worldbank.org/country/el-salvador
394. M. Cea and F. Kiste (2014) ‘El Salvador “oculta” $11,200
millones en paraísos fiscales’, El Mundo, http://elmundo.
com.sv/el-salvador-oculta-11200-millones-en-paraisosfiscales
based on James Henry calculations in J.S. Henry
(2012) ‘The Price of Offshore Revisited’, Tax Justice Network,
http://taxjustice.net/cms/upload/pdf/Price_of_Offshore_
Revisited_120722.pdf
395. OECD (1998) op. cit.
396. J. Sharman (2006) Havens in a Storm: The Struggle for Global
Tax Regulation, Ithaca and London: Cornell University Press.
397. See US Senate Committee Homeland Security &
Governmental Affairs (2013) ‘Permanent Sub-Committee on
Investigations, May 2013 Hearing Report, 15 October 2013’,
http://hsgac.senate.gov/subcommittees/investigations/
media/levin-mccain-statement-on-irelands-decision-toreform-its-tax-rules
398. See UK Parliament (2012) Public Accounts Committee –
Nineteenth Report, HM Revenue and Customs: Annual Report
and Accounts, Tax Avoidance by Multinational Companies,
http://publications.parliament.uk/pa/cm201213/cmselect/
cmpubacc/716/71605.htm
399. Consultations are open to all non-formal OECD/
non-G20 members.
400. C. Godfrey (2014) op. cit.
401. Analysis from Forum Civil, Oxfam partner in Senegal working
on fair taxation: http://forumcivil.net/programme-craft
402. Uruguay now has the largest differences in inequality
before and after taxation in the LAC region, showing that its
progressive fiscal policy is efficient in reducing inequality.
N. Lustig et al (2013) ‘The Impact of Taxes and Social
Spending on Inequality and Poverty in Argentina, Bolivia,
Brazil, Mexico, Peru and Uruguay: An Overview’, Commitment
to Equity Working Paper N.13, http://commitmentoequity.
org/publications_files/Latin%20America/CEQWPNo13%20
Overview%20Aug%2022%202013.pdf. In 2013, its Gini
coefficient dropped nine basic points from 0.49 to 0.40.
403. Uruguay was initially included in the G20 blacklist of tax
havens as a financial centre that had committed to – but
not yet fully implemented – the international tax standards.
It was removed only five days later after providing a full
commitment to exchange information to the OECD standards.
However, the country has strict financial secrecy laws,
including one of the world’s tightest bank-secrecy statutes,
which forbids banks from sharing information, except in rare
cases. See Tax Justice Network (2013) ‘Financial Secrecy
Index: Narrative Report on Uruguay’,
http://financialsecrecyindex.com/PDF/Uruguay.pdf
404. OECD (2013b) op. cit.
405. IMF (2014) op. cit.
406. S. Picciotto (2012) op. cit.
407. The European Commission proposed a tax of 0.1 percent
on transactions of shares and bonds and 0.01 percent on
derivatives. See: http://ec.europa.eu/taxation_customs/
taxation/other_taxes/financial_sector/index_en.htm
408. T. Piketty (2014) op. cit., p.572.
409. Reuters (2013) ‘Brazil’s ruling party to propose tax on large
fortunes’, 26 June, http://reuters.com/article/2013/06/26/
economy-brazil-wealth-idUSL2N0F21P220130626
410. See K. Rogoff (2013) ‘Why Wealth Taxes are Not Enough’,
http://project-syndicate.org/commentary/kennethrogoffon-the-shortcomings-of-a-one-time-wealthtax#FpTcXurUs6odiUl2.9;
and IMF (2013) ‘IMF Statement
on Taxation’, Press Release No. 13/427,
http://imf.org/external/np/sec/pr/2013/pr13427.htm
411. A 1.5 percent tax on billionaires’ wealth over $1bn in 2014
would raise $74bn, calculated using wealth data according
to Forbes as of 4 August 2014. The current annual funding
gap for providing Universal Basic Education is $26bn a year
according to UNESCO, and the annual gap for providing key
health services (including specific interventions such as
maternal health, immunisation for major diseases like HIV/
AIDS, TB and malaria, and for significant health systems
strengthening to see these and other interventions
delivered) in 2015 is $37bn a year according to WHO.
See: UNESCO (2014) op.cit., and WHO (2010) op. cit.
412. C. Adams (1993) For Good and Evil: The Impact of Taxes on
the Course of Civilization, Lanham: Madison Books.
413. iiG (2011) ‘Raising revenue to reduce poverty’,
Briefing Paper 16, Oxford: iiG,
http://iig.ox.ac.uk/output/briefingpapers/pdfs/iigbriefingpaper-16-raising-revenue-to-reduce-poverty.pdf
414. UNESCO (2013) ‘Education Transforms Lives’,
Education For All Global Monitoring Report, Paris: OECD,
http://unesco.org/new/fileadmin/MULTIMEDIA/HQ/ED/GMR/
excel/dme/Press-Release-En.pdf
415. G. Verbist, M.F. Förster and M. Vaalavuo (2012) op. cit.
416. Ibid.
417. N. Lustig (2012) op. cit.
418. R. Rannan-Eliya and A. Somantnan (2005) ‘Access of the Very
Poor to Health Services in Asia: Evidence on the role of health
systems from Equitap’, DFID Health Systems Resource Centre,
http://eldis.org/go/home&id=19917&type=Document#.
VDF945SwKa1
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