Nigeria on Wednesday urged Member States to support the proposed resolution for a global Tax Convention that aims to establish a more equitable taxation system worldwide.
The Permanent Mission of Nigeria to the United Nations, in a statement, made available to the News Agency of Nigeria (NAN) in New York, called for continued support toward a comprehensive UN Tax Convention.
Recall that during the 77th session of the United Nations General Assembly (UNGA), Nigeria introduced a significant resolution titled “Promotion of Inclusive and Effective International Tax Cooperation at the United Nations’’.
The resolution established the groundwork for developing a comprehensive international tax cooperation system with a universal reach and approach.
For the first time, member states have come to a consensus to institute a convention for tax cooperation and to hold yearly deliberations on global tax issues, while reviewing their advancements.
The African Group of States, consisting of 54 members and represented by Nigeria, successfully introduced a motion that was adopted by consensus, despite prior discussions on a failed amendment.
Earlier, Nigeria’s Ambassador to the UN, Tijjani Muhammad-Bande, stated that Nigeria’s dedication to advancing talks on tax conventions will persist throughout the 78th session of the UN General Assembly (UNGA).
Muhammad-Bande stressed the importance of this resolution in the context of financing for development, underscoring the connection between taxation and illicit financial flows.
It is important to note that the General Assembly is the main policy-making and representative organ of the United Nations.
The assembly consists of delegates from 193 Member States and various entities who convene in dedicated sessions to deliberate on pressing global issues.
The UN Conventional Tax System is a double tax treaty aimed at preventing unrelieved double taxation, to foster cross-border economic activity and the transfer of technology.
Countries generally use models as a starting point when negotiating tax treaties.
As the UN Model Double Taxation Convention between Developed and Developing Countries generally favours retention of greater host country taxing rights, it tends to be relied upon more by developing countries than the OECD Model Tax Convention on Income and Capital.
The UN Model Taxation Convention consists of articles on the treaty’s scope and definitions to be used in the treaty.
For different kinds of income and capital, it allocates taxing rights before establishing how double taxation will be eliminated where the taxing rights are shared.
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