20/08/2024 | Press release | Distributed by Public on 20/08/2024 18:47
Authored by: | Office of The Attorney General and Ministry of Legal Affairs |
Source: | Bahamas Information Services |
Date: | August 20, 2024 |
Advocates for More Inclusive Decision-Making in Global Tax Policy
The Bahamas Seeks to Prevent Unfair Blacklisting and to Increase Access to Innovative Financing Mechanisms
Attorney General Ryan Pinder represented The Bahamas on the Ad Hoc Committee to Draft Terms of Reference for a United Nations Framework Convention on International Tax Cooperation and was the Caribbean representative from The Group of Latin America and Caribbean Countries on the Bureau of the Ad Hoc Committee which formulated the framework for the Terms of Reference. Today the Ad Hoc Committee, after three negotiation sessions, approved the Terms of Reference for a United Nations Framework Convention on International Tax Cooperation.
The Bahamas advocated for several key items to be included in the Terms of Reference to ensure they are addressed in the negotiations for the United Nations Framework Convention on International Tax Cooperation (the "Convention"). These are important national interest issues for The Bahamas. Specifically negotiated positions include:
In passing United Nations resolution 78/230, "Promotion of inclusive and effective international tax cooperation at the United Nations," the General Assembly emphasized that developing a United Nations framework convention on international tax cooperation is needed to strengthen international tax cooperation and make it fully inclusive and more effective.
Approving the Terms of Reference is a first step to achieving this goal.
The Bahamas applauds the United Nations process for establishing a United Nations Framework Convention on International Tax Cooperation. This is the first time that global tax rules will be created in an environment of inclusiveness where all countries have equal voice and footing. The interests and voice of the Global South have been heard in this process of agreeing on Terms of Reference, and we look to the continued involvement of The Bahamas in the committee to draft the United Nations Framework Convention on International Tax Cooperation