Nigeria has once again urged the UN and the international tax community to create a system of international taxes that is inclusive, egalitarian, fair, and beneficial to all in order to achieve the 2030 Sustainable Development Goals (SDGs).
In his remarks at the Economic and Social Council (ECOSOC) Special Meeting on International Cooperation in Tax Matters, held on Friday at the United Nations Headquarters in New York, Muhammad Nami, Executive Chairman of the Federal Inland Revenue Service (FIRS), made the call.
The global minimum tax proposed by the OECD Inclusive Framework has raised concerns from the Nigerian delegation due to its low rate and the negotiation process favoring multinational corporations’ home nations, according to Nami.
“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 stated.
According to a statement from the Special Assistant to the Executive Chairman, FIRS (Media and Communication), Johannes Oluwatobi Wojuola, the head of Nigeria’s top tax body urged the gathering to consider how “a UN instrument on tax cooperation can both build on work that has already been done in a way that guarantees fairness and equity.”
He added that Nigeria welcomed opinions on “enforcement mechanisms for a binding multilateral tax convention, noting the challenges that developing and developed countries have experienced with investment treaty arbitration”.
Nami emphasized that having the necessary money “in delivering critical public services” in order to achieve the 2030 SDGs was essential.
Nigeria repeatedly emphasized the significance of improving domestic resource mobilization among member states to solve their economic issues while advocating for a global taxation structure under the United Nations.
“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 to effectively mobilize 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 towards the sustainable development agenda,” he concluded.
