Earlier in the day, the leaders of the Group of Seven (G7) countries signed the declaration at a summit in Japan’s Ise Shima, re-affirming their cooperation in various aspects.
"G7 leaders have sided with the tax dodgers and not the public. Despite all the talk of action, the G7 have missed this opportunity to end the destructive era of tax havens, and people across the globe, including some of the world’s poorest people, will pay the price," Oxfam quoted its Policy Lead for the Even It Up campaign Max Lawson as saying.
According to Lawson, the G7 declaration failed to adopt the appropriate measures, such as a global agreement stipulating that major businesses must publish information on the taxes they pay in every country of operation and a global public register of the real owners of businesses and trusts.
"And they failed to recognise the need for all countries to work together to end the damaging race to the bottom on corporate tax rates," the Oxfam official added.
The organization welcomed a number of measures agreed by the G7 leaders — such as the support for existing Organisation for Economic Co-operation and Development (OECD) measures against tax evasion — but said they were "a long way from what is needed."