A global charity, which is also a shareholder in a number of large multinational companies, has slammed U.S. Big Oil majors for having non-transparent tax practices, which put poorer countries at a disadvantage.
- Nov 22, 2022, 6:00 PM CST
that the three’s tax practices’ “lack of transparency creates a material risk for long-term investors who want to safeguard against risks of reputational damage and the possibility of shelling out millions due to lawsuits, blocked projects, and renegotiation of fiscal terms.” They claimed they were already suffering the worst effects of a changing climate that wealthier nations were responsible for, so they needed to be compensated for this. Despite long-time opposition to the very idea of discussing any form of compensation, the EU and the U.S. suddenly did an about-turn and not only agreed to discuss it, but the EU even presented an actual proposal for a loss-and-damage fund to take care of that compensation.
Commenting on the resolutions, Oxfam America’s policy lead on extractive industries and tax, Daniel Mule, said, “Oil and gas companies frequently point to their contributions to the tax base in producer countries as a justification for their continued operations, particularly in poor countries, but secretive tax practices make it impossible to verify whether the companies actually contribute to shared prosperity.
Belgique Dernières Nouvelles, Belgique Actualités
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