18/09/23

BAHAMAS: PM urges UN to take leadership role in global tax governance

As published on: ewnews.com, Monday 18 September, 2023.

Prime Minister Philip Davis advocated for the United Nations to oversee international tax cooperation and administration during his address at the G77+China Summit.

Expressing his gratitude to the Republic of Cuba for hosting the event, the Prime Minister swiftly turned his attention to the pressing issue of blacklisting.

“For too long, we have lived in an environment where global tax policy was mandated and designed by the OECD, where the interests of the Global North prevail, often at the expense of small developing countries, primarily black-governed former colonies in the Global South,” Davis said.

Highlighting the disproportionate impacts of blacklisting by the OECD and EU on countries of the Global South, Prime Minister Davis detailed the hardships faced by nations like The Bahamas.

“The arbitrary and discriminatory actions of the OECD and EU have left countries of the Global South grappling with challenges not of their making. The climate crisis, largely created by industrialized countries, many in the Global North, poses existential threats to nations like ours. Blacklisting compounds these challenges, often leading to punitive financial penalties.”

The Prime Minister emphasized the urgency for change in his address, demanding “equal treatment.”

“The United Nations, representative of all nations, is the appropriate body to design and build a truly equitable and inclusive international tax administration architecture – an environment of one country, one vote,” Davis said.

Drawing attention to the existing movement at the United Nations supporting a more inclusive approach to international tax cooperation, the Prime Minister continued: “We are calling for the United Nations to step into its rightful role as the primary arbiter in global tax matters. We urge the G77 to rally behind this cause, championing an environment where developing countries in the Global South have the same policy impact globally as developed countries of the Global North.”

 

Tags

Bahamas United Nations Nassau Tax Governance International Tax Caribbean