Panama does not make the Oxfam list of Tax Havens

Each year, The Oxford Committee for Famine Relief (Oxfam), creates a list of the world’s top tax havens. This year Panama did not make the cut.

The list, was lead by Bermuda followed by the Cayman Islands, the Netherlands, Switzerland and Singapore.

Oxfam’s interest in the “worlds worst tax havens” has to do with their humanitarian aid efforts. The organization, made up of 17 non - governmental organizations working in 90 countries, believes that “the global cutting of corporate taxes is allowing extreme forms of tax evasion to attract investment. This race is leaving many countries without the billions of dollars needed to address poverty and inequality."

Winnie Byanyima, executive director of Oxfam, explained “tax evasion is a way to create poverty. This is an issue that affects human rights.”

CNN Money reported that Oxfam ranked countries based on their tax rates, additionally they considered whether these countries offered unfair tax incentives and their cooperation with international efforts to curb tax evasion.

The study revealed that 90% of the world's large companies have a presence in one of the 15 tax havens on the list.