'A system of privilege and benefits': is a global tax body needed?

Activists and some African countries fear big corporations and the OECD club of rich nations are not going to fix the tax system any time soon

The Panama Papers have pulled back the curtain, revealing how tax wizards push and pull the levers of the global system to benefit elites. The fact that tax havens and offshore accounts are used by powerful individuals and corporations to wriggle out of tax obligations is no surprise; some developing countries and activists have long called for reforms, and their fight is gaining momentum.

Poor countries lose huge sums of money every year - more than $100bn (70bn) in corporate tax alone - because of discrepancies in the global tax system. They say a worldwide shift in how and where tax policies are decided is urgently needed.