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International Tax Cooperation

Why is it in the news?

  • India voted in favour of a UNGA resolution titled “Promotion of Inclusive and Effective International Tax Cooperation at the United Nations,” introduced by Nigeria.

More about the news

  • The resolution’s objective is to establish a member state-led, open-ended intergovernmental ad hoc committee to develop a comprehensive UN Tax Convention.
  • The goal is to prioritize international tax cooperation and finalize the UN Tax Convention by June 2025.
  • The move addresses various global taxation issues, including aggressive tax avoidance, illicit financial flows, recovery of stolen assets, and fair taxation of the digital economy.
  • The resolution aims to prevent over $480 billion in annual tax income loss due to international tax abuse.
  • It seeks to end the monopoly of the Organisation for Economic Cooperation and Development (OECD) in tax-related policy and allows all countries to participate in developing rules while respecting tax sovereignty.
  • The resolution promotes cooperation to establish a fair, sustainable, and modern international tax system.

路聽聽聽聽聽聽 The UN General Assembly (UNGA) is the primary policy-making organ of the United Nations, providing a forum for multilateral discussions on international issues.

路聽聽聽聽聽聽 Each of the 193 Member States of the United Nations has an equal vote in the UNGA, where key decisions are made, including appointing the Secretary-General, electing non-permanent members of the Security Council, and approving the UN budget.

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