{"id":121707,"date":"2024-06-05T04:40:06","date_gmt":"2024-06-05T09:40:06","guid":{"rendered":"https:\/\/www.globaltrademag.com\/?p=121707"},"modified":"2024-06-05T06:49:22","modified_gmt":"2024-06-05T11:49:22","slug":"wealthy-nations-resist-as-un-advances-global-tax-reform-initiative","status":"publish","type":"post","link":"https:\/\/www.globaltrademag.com\/wealthy-nations-resist-as-un-advances-global-tax-reform-initiative\/","title":{"rendered":"Wealthy Nations Resist as UN Advances Global Tax Reform Initiative"},"content":{"rendered":"<p>Pushback from Wealthy Countries: Risk of Diluting the UN&#8217;s Global Tax Convention<\/p>\n<p>A minority of countries opposed to a legally binding UN tax convention are attempting to dilute its impact, raising concerns that it could become as ineffective as the OECD\u2019s efforts, experts warn. The ongoing debate over wealth and corporate taxes has become a contentious issue as the United Nations negotiates a framework for a new global tax system.<\/p>\n<p>Read also: <a href=\"https:\/\/www.globaltrademag.com\/top-5-corporate-tax-friendly-nations\/\">Top 5 Corporate Tax-Friendly Nations\u00a0<\/a><\/p>\n<p>The initial round of negotiations, which concluded on May 8, saw progress amid ongoing tensions between higher-income OECD members and African UN member states, backed by the developing nations coalition, the G77.<\/p>\n<p>\u201cBoth the developed and developing countries agreed easily on environmental taxes but strongly disagreed on taxes for wealth,\u201d said Abdul Chowdhary, a senior program officer for the South Centre Tax Initiative. Developed countries argue that the OECD is already addressing tax reforms adequately, while developing nations believe the OECD\u2019s efforts are insufficient and want the UN to play a more significant role.<\/p>\n<!-- shortcode [asyncjs] -->\n        <script type=\"text\/javascript\">if (!window.AdButler) {\n                (function () {\n                    var s = document.createElement(\"script\");\n                    s.async = true;\n                    s.type = \"text\/javascript\";\n                    s.src = 'https:\/\/servedbyadbutler.com\/app.js';\n                    var n = document.getElementsByTagName(\"script\")[0];\n                    n.parentNode.insertBefore(s, n);\n                }());\n            }<\/script>\n        <script type=\"text\/javascript\">\n            var AdButler = AdButler || {};\n            AdButler.ads = AdButler.ads || [];\n            var abkw = window.abkw || '';\n            var plc373459 = window.plc373459 || 0;\n            document.write('<' + 'div id=\"placement_373459_' + plc373459+ '\"><\/' + 'div>');\n            AdButler.ads.push({\n                handler: function (opt) {\n                    AdButler.register(168070,373459, [300,250], 'placement_373459_' + opt.place, opt);\n                },\n                opt: {\n                    place: plc373459++,\n                    keywords: abkw ,\n                    domain: 'servedbyadbutler.com'\n                }\n            });\n        <\/script>\n        \n<p>In November 2023, the UN General Assembly overwhelmingly adopted a resolution proposed by Nigeria to create an inclusive UN forum to address international tax issues, including corporate tax reform and wealth taxes. This move would shift power from the OECD, criticized as a \u201crich countries\u2019 club,\u201d to a more inclusive global platform.<\/p>\n<p>\u201cIt has been quite absurd and sad to see their hesitation because the failure of the global tax system impacts people in all regions of the world, and we urgently need solutions,\u201d said Tove Maria Ryding, tax coordinator at the European Network on Debt and Development.<\/p>\n<p>The OECD defends its record of significant changes in international tax policy, including the 2021 agreement for a 15% minimum tax rate for multinational corporations. However, recent UN negotiations in New York revealed deep divisions over procedural and substantive issues.<\/p>\n<p>Developing countries favor a majority vote for decision-making to avoid diluted resolutions, while wealthy nations insist on consensus-only decision-making, effectively giving a minority veto power. This procedural clash is expected to be a major issue in upcoming negotiations scheduled for late July and August.<\/p>\n<p>Despite pressure from wealthy countries, momentum appears to be with the Global South. Irene Ovonji Odida, a Ugandan lawyer and member of the Independent Commission for Reform of International Corporate Tax, supports the inclusion of corporate taxation in the convention\u2019s terms of reference. She highlights the desire of over 60 countries for equitable taxation of multinational corporations, despite resistance from some Western nations.<\/p>\n<p>The negotiations also touched on leveraging taxation to address climate and environmental crises and the broader issue of domestic resource mobilization, with varying emphases on capacity building and fair allocation of taxing rights.<\/p>\n<p>The next round of negotiations aims to finalize the draft terms of reference, which will be voted on by the UN General Assembly before the year\u2019s end.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pushback from Wealthy Countries: Risk of Diluting the UN&#8217;s Global Tax Convention A minority of countries opposed to a legally&#8230; <a class=\"read-more\" href=\"https:\/\/www.globaltrademag.com\/wealthy-nations-resist-as-un-advances-global-tax-reform-initiative\/\">Read More<\/a><\/p>\n","protected":false},"author":1853,"featured_media":121708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"footnotes":"","_jetpack_memberships_contains_paid_content":false,"jetpack_publicize_message":"Wealthy Nations Resist as UN Advances Global Tax Reform Initiative","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[3850,3995,119],"tags":[6829,423,61,813,1682],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.6 (Yoast SEO v22.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wealthy Nations Resist as UN Advances Global Tax Reform Initiative - Global Trade Magazine<\/title>\n<meta name=\"description\" content=\"A minority of countries opposed to a legally binding UN tax convention are attempting to dilute its impact, raising concerns that it could...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.globaltrademag.com\/wealthy-nations-resist-as-un-advances-global-tax-reform-initiative\/\" \/>\n<meta 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