UN votes to create ‘historic’ global tax convention despite EU, UK moves to ‘kill’ proposal - ICIJ
Advocates celebrated the resolution as a key step toward better representation for developing countries, but warned wealthy countries against further attempts to delay the much-needed reforms.
www.icij.org
Bravo Nigeria for their resolution that has been adopted (125 to 48). This is a win for the global south and developing countries and loss for the western powers and their puppet enterprise the OECD. The OECD that has done nothing but unfairly attack the tax practices of the global south and developing nations for the benefit of EU and western countries. This will now give a fair voice to all parties that have been victims of the OECD i.e Caribbean countries bullied into changing their tax laws to suit western countries who believed them to be unfair - my own country (Bahamas) also affected by this.
The vote was very telling and shows the overwhelming power of the global south and developing nations when we stick together. The EU via OECD thought they had power on the global stage well let them think again...lol.
P.S Lol at US and entire EU and their puppet friends voting against a fairer global tax cooperation at a UN level. Their lies about wanting global tax fairness has been revealed in this vote. They wanted to control the global tax system but have now failed.
Again Bravo to Nigeria.....
Africa presses for UN tax plan despite EU resistance - ICIJ
The United Nations is on the cusp of negotiating an international tax convention to tackle inequality and tax abuse, but transparency advocates say some wealthy countries are “dragging their feet.”
www.icij.org
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The resolution, filed on Oct. 11 on behalf of African member states, is the latest development in an ongoing tussle between the United Nations and the Organisation for Economic Co-operation and Development over which organization should shape the global tax agenda.
A U.N. tax convention would “strengthen international tax cooperation and make it fully inclusive and more effective,” the resolution said, echoing the wording of an earlier report by U.N. Secretary-General António Guterres, which criticized the OECD for ignoring the needs of developing countries.
For decades, international tax policy has been dominated by the OECD, a group of 38 mostly high-income countries, including the United States, the United Kingdom and Japan. But the outsized influence of the organization’s wealthy countries has led many lower-income countries, including some OECD members, to question whether a more representative body should take the reins.
“Two main features of the OECD are that it’s exclusionary — it’s a member organization that prioritizes the economic interests of its member states — and that it’s been shown not to have effective rule-making power,” said Alex Cobham, the chief executive of the Tax Justice Network advocacy group.
“The thing that, I think, has changed is that a lot of OECD members have also had to accept that it’s not even effective for them.”
If the draft resolution is adopted by the U.N. General Assembly at an upcoming vote in November, it will require the creation of an ad hoc intergovernmental committee open to all member states with a bureau of 10 members, with equal gender and regional representation.
The committee will be tasked with drafting a U.N. tax convention by June 2025, taking into account “the needs, priorities and capacities of all countries, in particular developing countries and countries in special situations,” according to the resolution.
The resolution also calls for the committee to consider the impact of international tax rules on inequality, gender outcomes and the environment, and to decide how best to tackle “tax-related illicit financial flows.”
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