The UN has commenced negotiations on a universal tax cooperation convention, targeting tax evasion and ensuring fair taxation of multinational firms and the wealthy. The initiative, catalyzed by G20 discussions, aims to raise significant funds for global challenges and enhance financial fairness.
On Monday, UN member states initiated talks to create a universal tax cooperation convention aimed at addressing tax evasion by 2027. Newly appointed committee chairman, Ramy Youssef, emphasized that the effort is not merely technical but a moral obligation to ensure tax fairness, especially for vulnerable countries.
The discussions build on a framework established in 2023, which responds to the plea from African nations for equitable participation in crafting international tax regulations. The G20’s agreement during Brazil’s presidency to enforce effective taxation on the wealthiest signals a shift towards broader tax equity and cooperation.
The negotiations signal a pivotal moment in global tax policy aimed at ensuring wealthier individuals and multinational companies contribute fairly. A proposed 2% tax on the ultra-rich could yield substantial funds to address pressing social and environmental issues. With significant tax revenue losses attributed to tax havens, these discussions are crucial for equitable financial governance.
Original Source: www.brasildefato.com.br
