Nigeria Calls For Fair International Tax Practices at United Nations ECOSOC
- The Nigerian government has asked the international tax community to be fair in tax practices
- The Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami made the call in New York
- He said Nigeria is worried about the global maximum tax as espoused by OECD
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Nigeria has again called on the United Nations and the International Tax Community to forge an inclusive, equitable, fair and universally beneficial international tax system towards attaining the 2030 Sustainable Development Goals (SDGs).
Making the call on behalf of the country, Muhammad Nami, the Executive Chairman of the Federal Inland Revenue Service (FIRS) noted that the Nigerian delegation is concerned about the global minimum tax as put forward by the OECD - Inclusive Framework, because of its low rate and the way it was negotiated to benefit the home countries of multinationals.
Source: UGC
Nigeria worried about over low rate of taxes
Nami stated this while delivering Nigeria’s statement at the Economic and Social Council (ECOSOC) Special Meeting on International Cooperation in Tax Matters, held on Friday, March 31, 2023, at the ECOSOC Chamber, United Nations Headquarters, New York.
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Nami said:
“My delegation is concerned about the global minimum tax because of its low rate and how it was negotiated to benefit the home countries of multinationals, mostly developed countries.”
Speaking further, the head of Nigeria’s apex tax authority urged the meeting to discuss 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 also said that Nigeria looks forward to views on “enforcement mechanisms for a binding multilateral tax convention, noting the challenges that developing and developed countries have experienced with investment treaty arbitration.”
Nami pointed out that the capacity of countries to attain the 2030 Sustainable Development Goals was hinged on having the requisite funding “in delivering critical public services” towards these SDGs.
While calling for a global taxation regime under the United Nations, Nigeria rped on the importance of enhancing domestic resource mobilization among Member States to address their economic challenges.
Africa calls for inclusive global best practices in tax matters
According to Nami, the furtherance of inclusive International Tax Corporations is a key subject in thattaininghe 2030 Sustainable Development Goals (SDGs).
He said:
“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 achieving 2030 SDGs.
“Domestic public resource mobilization is critical to this effort because of its vital role in delivering essential public services and advancing even progress towards the sustainable development agenda.
“Developing countries are taking the challenge of financing sustainable development seriously. My delegation underscores the importance of enhancing domestic resource mobilization, good governance and investment in our common African goal embodied in the Agenda 2063, nd in the global goals spelt out in the 2030 Agenda.”
The FIRS chairman further commended African countries for strengthening their participation in international tax cooperation efforts, and The strides they have made “in closing loopholes and countering base erosion and profit shifting.”
He however expressed concerns that “while much good work has been done, much more remains to be made towards a fully inclusive process, both domestically and internationally and ensuring that all taxpayers are 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 ECOSOC members, senior representatives of national tax authorities, relevant international organizations, civil society and academia that discusses issues of taxation affecting the globe. Members, during this meeting, deliver action-oriented exchanges and design best practices on international tax issues.
This year’s meeting provided a forum for member states, members of the UN Tax Committee, international organizations and other stakeholders to discuss promoting inclusive and effective international tax cooperation at the United Nations.
Firs sets new record, collects over N10trn revenue in 2022, Buhari hails Achievement
Legit.ng earlier reported that the Federal Inland Revenue Service (FIRS) collected more than N10 trillion in 2022, its highest revenue collection in a single year. According to Punch,
It is also the first time the FIRS will cross the 10-trillion naira mark in tax revenue collection.
The information was revealed in the "FIRS 2022 Performance Update," a report signed by the company's executive chairman, Muhammad Nami, and made public on Monday, January 23, 2023.
Source: Legit.ng
