Tax

The two richest people in New Zealand added an astounding NZ$1.1billion to their fortunes in 2017-2018, while the wealth of the poorest half of the country decreased overall, according to new Oxfam research released today.

The report reveals that the richest 5% of the population collectively owns more wealth than the bottom 90%.

Last week, we revealed that it looks like New Zealand is losing $21 million a year to unfair tax avoidance by four big pharmaceutical companies – Abbott, Merck & Co. (also known as MSD), Johnson & Johnson, and Pfizer. Some of you may have seen comments about the way we conducted the research – our methodology. We’ve got a great blog about the methodology from our American colleagues who led the research. But we want to take a slightly different angle, because the comments about our method actually support what we are saying – that if we want an accurate picture of what companies earn and owe we need more publicly available information so that we can use more robust information.

Another year, another scandal.

First came #LuxLeaks, then #PanamaPapers. Today, reporters all over the world are covering the Paradise Papers, based on leaked documents from yet another offshore tax firm, showing how international corporations and billionaires hide their fortunes and avoid paying taxes.

Thankgod Chigizie sits inside his school classroom. His community, Rumuekpe, in Nigeria, was badly destroyed during the conflict among various rival militants and gangs over access to oil money from 2005-2008. Many were killed and displaced, and homes, schools and churches were left in ruins. Photo: George Osodi/Panos for Oxfam America

Newest US tax cut proposal would rig tax rules even further.