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Impoverished countries spending up to 40% of government revenues on repaying debt, according to new research

Poor countries around the world are cutting public services such as health and education as the cost of debt rises Cuts put women’s rights and advances in gender equality at risk Thursday February 20 2020  A report published today shows that rapidly rising and more expensive public debt is pitting the rights of creditors against those of the world’s poorest - and in particular women and girls - as countries devote up to 40 per cent of revenue to external debt service. The new research ...

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Eurodad response to today's Statement by the Inclusive Framework on BEPS

Friday January 31 2020, Tove Maria Ryding, Tax Coordinator at the European Network on Debt and Development (Eurodad) said: "If we look at what is currently on the table, it seems the existing transfer pricing system will be maintained. Basically, the new tax rules are supposed to run in parallel with the old rules, but only apply to a relatively small part of the overall profits of multinational corporations. Given that the current transfer pricing rules have proven to be both ineffective and deeply ...

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Failed Tunisian airport exposes major problems with public-private partnerships

· World Bank, EIB and other major donors continue to push failed PPP model in the MENA region, according to new report Monday December 16 2019 A major public-private partnership (PPP) backed by the World Bank (WB), the European Investment Bank (EIB) and other public institutions has turned out to be a failure, according to a new report published today. The Enfidha Airport - a multi-million dollar ‘user-pays’ concession project feted as a flagship PPP by the World Bank - led to lengthy ...

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Eurodad response to International Consortium of Investigative Journalists' #MauritiusLeaks

Today, the International Consortium of Investigative Journalists released another ground breaking tax exposure. The #MauritiusLeaks show how multinational corporations from all over the world have used Mauritius to avoid taxes, including on their own operations in some of the world’s poorest countries. Reacting to the leaks, Tove Maria Ryding, Tax Coordinator at the European Network on Debt and Development (Eurodad), said: “#MauritiusLeaks is yet another shocking example of large-scale international ...

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Eurodad response to large-scale international fraud with value added tax (VAT)

Under the headline Grand Theft Europe, the newsroom Correctiv, together with media outlets across Europe, have published the results of a cross-boundary investigation about large-scale international fraud with value added tax (VAT). According to the European Commission, this type of fraud is costing European governments around €50 billion each year. Commenting on the revelations, Tove Maria Ryding, Tax Coordinator at the European Network on Debt and Development (Eurodad), said: “It’s sad to ...

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Plummeting aid figures fail to meet spending target while leaving poorest behind

Brussels, 10 April 2019 - New preliminary aid figures released by the Organisation for Economic Co-operation and Development (OECD) today show spending in 2018 fell by 2.7 per cent compared to 2017, with the neediest countries being hit hardest. Last year’s Official Development Assistance (ODA) for all OECD’s Development Assistance Committee (OECD DAC) members equaled 0,31 per cent of gross national income, less than half of the 0.7 per cent longstanding spending target – a commitment made ...

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Eurodad response to selection of David Malpass as the new president of the World Bank Group

On Friday 5 April, David Malpass was selected as the new president of the World Bank Group. Mr. Malpass was the only candidate for the post, after having been nominated by US President Donald Trump. Commenting on the selection, Maria José Romero, Policy and Advocacy Manager at the European Network on Debt and Development (Eurodad), said: “It is a missed opportunity that the selection process wasn’t competitive nor transparent. On the contrary, since the World Bank’s founding, ...

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World Economic Outlook: Eurodad warns that new debt crises could derail the sustainable development goals

Washington DC, 9 April 2019 - The new World Economic Outlook released today indicates that the world economic situation is deteriorating. Many poor countries have already been struck by debt crises. Eurodad, a major network of European civil society organisations working on development finance, warns that progress against the sustainable development goals could be derailed or even reversed. Poverty and inequality could rise, if no counter measures are taken.“High debt levels became a key constraint ...

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European court rules that Belgium’s ‘sweetheart’ tax scheme is not state aid - exposes cracks in broken tax system

Brussels, 14 February 2019 - Today, the European Court of Justice ruled against the European Commission, which had alleged that the Belgian tax scheme, known as the ‘excess profit scheme,’ provided illegal state aid worth around €700 million to multinational corporations.The Belgian tax scheme allowed selected multinational corporations to discount large parts of their profits when paying corporate tax in Belgium. It has existed since 2005, and came into the spotlight in 2015, when the ...

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Eurodad reaction to the European Commission’s initiative on EU tax decision making

Tuesday January 15 2019 Today, the European Commission kick-started the debate on whether to change EU decision making on tax matters, suggesting a stepwise move towards qualified majority voting, including giving an active role to the European Parliament. At the same time, the Parliament, which currently has an advisory role on EU tax matters, adopted a strong and progressive report calling for the EU to get rid of tax policies that have negative impacts on gender equality. Tove Maria Ryding, ...