Apr 4, 2016

Panama Papers Reveal the Murky Details of the Richest 1%: Oxfam India


In light of the investigation into tax havens published today by the International Consortium of Investigative Journalists and other news organizations, Dr Nisha Agrawal, Oxfam India’s chief executive officer said, “The Panama Papers give us a disturbing look into the murky world of tax dodging, a problem that governments and international institutions refuse to tackle head-on.  Tax havens prosper by helping potential tax payers to hide income and assets from the authorities in other countries. Their aim is to achieve impunity: impunity from taxation. The result is greater poverty for others. Tax havens fuel both inequality and corruption, and deprive governments around the world of vital revenues to invest in quality, universal public services for all.

Oxfam estimates that every year, on average, countries lose $170 billion due to tax dodging, while 400 million people don’t even have access to basic healthcare.

Oxfam’s recent report revealed that the top 1% have now accumulated more wealth than the rest of the world put together. Such extreme inequality makes no moral or economic sense, and it is hampering efforts to end extreme poverty. Oxfam calls on governments to penalize banks and any others who facilitate tax dodging and on the Indian government to take all necessary measures to close the loopholes which allows tax dodging,” said Agrawal.

Notes to editors: 

Oxfam India is urging supporters to take action and help end the era of tax havens. 

Contact information

Gunjan Jain in New Delhi: gunjan@oxfamindia.org / +91 9811777387