Tinubu seeks review of global tax system
• Commits to multilateralism
PRESIDENT Bola Tinubu has canvassed a review of global taxation, explaining that redressing the imbalance in the international tax regime has become imperative.
He also affirmed Nigeria’s commitment to multilateralism as a way of addressing global challenges.
Tinubu stated the country’s position on these issues in a speech at the third South Summit of the Group of 77 and China, which opened yesterday in Kampala, Uganda.
He said the issue of global taxation is pressing because it impacts developing countries.
His words: “The current international tax systems, largely shaped by the interests of more affluent nations, often leave developing countries at a disadvantage, especially in taxing digital economies. This systemic imbalance has led to significant revenue losses, hampering our efforts towards sustainable development and economic self- reliance.” In response to this, Nigeria, alongside other member states of the African Group championed a historic initiative at the United Nations, calling for a Framework Convention on Tax.
The resolution, according to Tinubu, marks a pivotal step towards establishing a more equitable and inclusive global tax system.
The President was represented at the summit, with the theme, ‘ Leaving No One Behind’, by the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu.
The forum is being attended by many Heads of State and Government, as well as heads of international organisations, including United Nations SecretaryGeneral, Antonio Guterres. Expressing Nigeria’s appreciation to all countries supporting the global tax review initiative, Tinubu said their solidarity reflects “our shared commitment to rectifying the inequities of the current tax system and fostering a more just economic order.”
Also, in reaffirming the populous black nation’s commitment to South- South economic collaboration, the President spoke of the critical role of the Action Committee on Raw Materials ( ACRM) of the G- 77, established in 1987 for enhancing cooperation in the development and processing of raw materials.
While acknowledging the importance of comprehensive data on raw material availability and location, the Nigerian leader advocated the revival of the ACRM.
“This is crucial for coordinated information dissemination, facilitating access for international entrepreneurs and joint venture partners, as well as addressing challenges in raw material development that hinder industrialisation and economic growth,” he noted.
The resuscitation of the ACRM, with a focus on datadriven strategies and information systems, Tinubu submitted, is imperative to improving trade terms, promote economic self- reliance and enhance resilience among developing countries.
He equally restated country’s earlier position on Israel’s attack of Palestine over Gaza, saying the recent developments in the State of Palestine demand “our immediate attention and action.”
“Nigeria aligns itself with the international community’s call for an immediate ceasefire and a peaceful resolution to the conflict.
“Upholding our commitment to the principles of sovereignty, territorial integrity and the promotion of peace and security, we firmly support a two- state solution as the path forward in this protracted conflict,” he added.