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José Antonio Ocampo
José Antonio Ocampo
José Antonio Ocampo is Professor at Columbia University, and Chair of the Independent Commission for the Reform of International Corporate Taxation (ICRICT). He is also a former finance minister of Colombia and executive secretary of the UN Economic Commission for Latin America and the Caribbean.

The recent agreement by 131 jurisdictions to reform international corporate taxation is not the end of the road. To bring about a more equitable outcome, developing countries must now push for a higher global minimum tax rate and refuse mandatory arbitration.

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Countries are losing, on average, 9.2 per cent of their health budgets to tax havens every year. Biden’s plan to increase US corporate tax will put pressure on the European Union to set the bar high as well, helping establish a 25 per cent global corporate tax rate.

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