Economy
THE Federal Government has urged the United Nations and the International Tax Community to forge an inclusive, equitable, fair and universally beneficial international tax system.
Mr Muhammad Nami, the Executive Chairman, Federal Inland Revenue Service (FIRS) made the call on behalf of the Nigerian government at the Economic and Social Council (ECOSOC) Special Meeting.
The meeting, held at the ECOSOC Chamber, United Nations Headquarters, New York, focused on international cooperation in tax matters.
Nami in a statement issued on Monday by his Special Assistant on Media and Communication, Mr Johannes Wojuola, said that it was crucial in attaining the 2030 Sustainable Development Goals (SDGs).
“My delegation is concerned about the global minimum tax because of its low rate and the way it was negotiated to benefit the home countries of multinationals, which are mostly in developed countries,” he said.
Nami urged the meeting to discuss how “a UN instrument on tax cooperation can build on work that has already been done in a way that guarantees fairness and equity.
He also said that Nigeria looks forward to views on enforcement mechanisms for a binding multilateral tax convention.
Nami, however, noted the challenges that developing and developed countries had experienced with investment treaty arbitration.”
He said that countries’ capacity to attain the 2030 SDGs were hinged on having the requisite funding in delivering critical public services.
The FIRS boss emphasised on the importance of enhancing domestic resource mobilisation among member states to address their economic challenges.
“The promotion of inclusive international tax cooperation remains a critical subject in the attainment of the 2030 SDGs.
“Today, a global taxation regime under the UN is urgently needed to enable states effectively mobilise domestic revenues to address the multiple economic and other crises impacting our efforts in the achievement of the 2030 SDGs.
“Domestic public resource mobilisation is critical to this effort because of its vital role in delivering critical public services and advancing even progress toward the sustainable development agenda.
“Developing countries are taking seriously the challenge of financing sustainable development.
“My delegation underscores the importance of enhancing domestic resource mobilisation, good governance and investment in our common African goal embodied in the Agenda 2063 and in the global goals spelled out in the 2030 Agenda,” Nami said.
He commended African countries for strengthening their participation in international tax cooperation efforts, as well as strides made in closing loopholes and countering base erosion and profit shifting.
Nami, however, expressed concerns that while much work was done, much more remained to be made toward a fully inclusive process, domestically and internationally to ensure that all taxpayers were making their fair contributions.
The United Nations Economic and Social Council (UN ECOSOC) Special Meeting on International Cooperation in Tax Matters is an annual meeting of its members, senior representatives of national tax authorities, relevant international organisations, Civil Society Organisations (CSOs) and the academia.
The meeting discusses issues of taxation as it affects the world.
During the meeting, members deliver action-oriented exchanges and design best-practices on international tax issues.
The 2023 meeting provided a forum for member states, the UN Tax Committee, international organisations and other stakeholders to discuss the promotion of inclusive and effective international tax cooperation. (NAN)
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Tags: Federal Inland Revenue Service Mr Muhammad Nami
