Nigeria Calls For Fair International Tax Practices at United Nations ECOSOC

Nigeria has called on the United Nations and the International Tax Community to forge an inclusive, equitable, fair, and universally beneficial international tax system.Information Guide Nigeria

According to LEGIT.NG, this is towards attaining the 2030 Sustainable Development Goals (SDGs).

Muhammad Nami, the Executive Chairman of the Federal Inland Revenue Service (FIRS) made the call 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.JAMB Result

Nami 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.

He 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.”

Also speaking, 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.”JAMB Portal

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LEGIT.NG reports that Nami noted 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.

Nami called for a global taxation regime under the United Nations, Nigeria hoped the importance of enhancing domestic resource mobilization among Member States to address their economic challenges.

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.NYSC Portal

“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.

This year’s meeting is the first time the FIRS will cross the 10-trillion naira mark in tax revenue collection.

This 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.

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