2024’s Game-Changing Tax Justice Moments You Can’t Afford to Miss!
As we bid farewell to 2024, it’s time to shine a spotlight on the incredible strides made by the Tax Justice Network this past year. From trailblazing initiatives to transformative policy victories, this year has truly showcased the immense power of united action in the pursuit of tax justice. While we’ve raised our glasses to significant accomplishments, the shadows of ongoing challenges remind us that our mission is far from complete. So, let’s take a trip down memory lane to revisit the pivotal moments and achievements that marked our journey in 2024.
This year has been a rollercoaster ride for tax justice, with exhilarating progress paired with obstacles that could threaten our hard-fought gains.
On the bright side, we witnessed a groundbreaking moment with the overwhelming vote by the General Assembly to establish the terms for the UN Framework Convention on International Tax Cooperation. Taxation is not just a necessary evil; it’s the foundation upon which effective, responsive governments stand. The shift from colonial-era frameworks, like the OECD, to a more inclusive global decision-making process is a monumental leap forward. Delegates now have until 2027 to collaboratively redefine governance. We are on the brink of eradicating decades of tax exploitation and paving the way for progressive taxation that benefits all.
However, this year also brought a grim setback, as the climate COP in Baku failed to secure essential climate financing. The unwillingness of historically responsible nations to act threatens the planet and our communities. In the upcoming months, we’ll see if there’s a path to recovery. Fortunately, the tools we need to generate the crucial $1.3 trillion annually are at our disposal, and the tax justice movement is increasingly stepping into the climate policy arena, where it could play a vital role in the coming years.
Public Country by Country Reporting
2024 has been a banner year for public country by country reporting, thanks to three key developments.
- The EU Directive 2021/2101: With its implementation starting in December 2021, nearly all EU member states are gearing up for comprehensive public reporting laws that cover all sectors, heralding a new era of transparency.
- Australia’s new legislation: On November 29, 2024, Australia made headlines by passing new laws requiring large multinationals operating in the country to disclose extensive tax and operational information. This means corporations operating in tax havens like Singapore and Hong Kong will finally be held accountable.
- U.S. submissions: In a significant breakthrough, the first public country by country reports from U.S. companies in the extractive industries are expected by the end of 2024. After years of resistance, including legal and legislative challenges, Big Oil will now have to disclose payments made to governments, shining a light on their operations.
Corporate Tax Haven Index
October saw the launch of our revamped Corporate Tax Haven Index, ranking nations by their complicity in enabling multinational corporations to dodge their tax responsibilities. Currently, the British Virgin Islands, the Cayman Islands, and Bermuda lead this dubious list, while Jersey continues to maintain its position among the top offenders.
Beneficial Ownership
This year presented both challenges and triumphs regarding beneficial ownership transparency. A recent ruling by the European Court of Justice favored a law firm over tax authorities, raising concerns about privacy being weaponized against transparency initiatives. Yet, the EU’s AML Package, despite its limitations, still represents progress in making beneficial ownership information more accessible to journalists, civil society, and academia.
Tax Justice Network Research
2024 has been prolific for our research initiatives, including:
- The release of our State of Tax Justice 2024 report, detailing the alarming scale of corporate tax abuse and its implications for offshore wealth, highlighting a troubling upward trend in tax losses.
- Estimates of potential tax revenue from national wealth taxes, including an interactive calculator that empowers individuals and policymakers to envision their own wealth tax structures.
- Collaborative efforts with governments globally, including capacity-building initiatives in Uganda, Nigeria, and Slovakia, as well as new research partnerships in Honduras, Czechia, and beyond.
- A groundbreaking report investigating fossil fuel financing by the world’s largest banks and the role of secrecy jurisdictions in facilitating these transactions.
- Active participation in the academic landscape, with our findings featured in the new Tax Justice Network Working Paper Series and presentations at various international conferences.
The State of Tax Justice
Our State of Tax Justice 2024 report, launched in November, unveiled a staggering annual loss of $492 billion in tax revenue due to corporations and wealthy individuals exploiting tax havens. Shockingly, nearly half of this loss is attributed to just eight nations—Australia, Canada, Israel, Japan, New Zealand, South Korea, the UK, and the US—who remain opposed to a UN tax convention.
Tax Justice and Human Rights
International Advocacy – UN Framework Convention on International Tax Cooperation
The UNFCITC negotiations have been a focal point for our advocacy efforts throughout 2024. We’ve worked tirelessly, collaborating with various stakeholders to promote civil society engagement in these discussions. Our advocacy initiatives have included issues like biodiversity, land use, human rights, and climate, ensuring that tax justice remains a priority.
Our efforts also spotlighted the shortcomings of the OECD in global tax governance through our Litany of Failure briefing, which highlighted the adverse effects of OECD tax policies on human rights.
Right to Education
In October, we released our influential report, Stolen Futures: The Impacts of Tax Injustice on the Right to Education, which reveals how tax abuse undermines education funding globally. Our findings sparked discussions on sustainable education financing at the Global Education Meeting in Brazil, where we showcased how wealth taxes could significantly bolster education budgets.
We also emphasized the critical relationship between tax justice and education financing, laying groundwork for future initiatives aimed at integrating these themes at key global forums.
Gender Equality and Women’s Rights
In May, we collaborated with various organizations to produce a Shadow Report addressing tax justice and women’s rights in Brazil. This work culminated with our engagement at the CEDAW session in Geneva, where we advocated for the rights of women in the context of tax policy, focusing on the intersectionality of gender, tax, and racial equity.
On Climate Justice
In September, we delved into the murky waters of fossil fuel financing in our report, How ‘Greenlaundering’ Conceals the Full Scale of Fossil Fuel Financing. This report garnered significant media coverage and was launched at a collaborative event that highlighted the urgent need for transparency in climate financing.
Events
In March, we hosted an international conference at the Paris School of Economics, focusing on how a UN Tax Convention could combat inequality. This vibrant gathering of academics, policymakers, and activists ignited discussions around tax reform and its potential impact on social equity and climate action.
Reaching Out and Spreading the Word
Communications and Media
Our outreach efforts soared in 2024, with our research featured in over 3,200 articles spanning 120 countries—reaching an audience of over 30 billion! Our website saw over 319,000 visits, reflecting the growing public interest in tax justice.
Our Podcasts (Advocating for Tax Justice in Five Languages)
Explore our podcasts, available wherever you listen, featuring compelling stories and discussions. Highlights from 2024 include:
On the Taxcast, we kicked off the year with inspiring campaigns for tax reform, examined risks associated with cryptocurrency, and shined a light on the global push towards a UN Tax Convention. We tackled topics from the implications of Donald Trump’s election to the urgent need for wealth taxes to address inequality.
Our Spanish podcast, Justicia Impositiva, explored the gender dimensions of financial secrecy and the political landscape in Argentina, among other critical discussions.
In our Arabic podcast الجباية ببساطة, we examined fiscal reforms in Tunisia, financial implications in the Arab region, and the paths to economic justice.
Our Portuguese podcast É Da Sua Conta was rich with discussions on climate crisis, education financing, and the pressing need for tax justice in our society.
Lastly, our French podcast Impôts et Justice Sociale tackled the intersections of climate crisis and financial opacity, further emphasizing the need for transparency in financial governance.
As we wrap up 2024, we embark on a new chapter filled with challenges and opportunities. Together, let’s continue to champion the cause of tax justice for all!
