In an effort to address the imbalance in the worldwide tax system, President Bola Tinubu on Sunday urged a prompt review of global taxation.
Naija News reports that at the opening of the third South Summit between the Group of 77 and China on Sunday in Kampala, the capital of Uganda, Tinubu lamented that the current was largely shaped by the interest of more affluent nations.
“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,” Tinubu, who was represented by the Minister of Budget and Economic Planning, Abubakar Bagudu said.
“This systemic imbalance has led to significant revenue losses, hampering our efforts towards sustainable development and economic self-reliance,” he said.
This was made public on Sunday in a statement issued by the ministry’s Director of Information, Mrs. Folasade Boriowo.
In the statement titled President Tinubu calls for review of the global tax system, affirms commitment to multilateralism, the President reiterated the nation’s support for and dedication to multilateralism as a means of resolving global issues, noting that the impact of international taxes on poor nations has made it an urgent matter.
Nigeria, however, supported a historic UN move calling for a Framework Convention on Taxation, together with other African Group members.
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According to Tinubu, this resolution is a critical first step in creating a more just and inclusive international tax system.
