UN tax committee to design a model blueprint for wealth tax

Mar22,2024



Mumbai: A United Nations Model Law A wealth tax, which would enable countries around the world to introduce consistent and straightforward legislation, is now on the cards.
The work will be performed by united nations tax committee (A Committee of Experts on International Cooperation in Tax Matters), whose members are nominated by UN member states, but are not formally their representatives.
The UN guidance will provide countries with a blueprint for implementation, giving them both the technical know-how and political support to tax the wealth of the richest members of society – something that most countries have shied away from due to fierce lobbying pressure .
The agreement on guidance signals a historic shift in global consensus on taxing extreme wealth and is the latest demonstration of the UN's ability to move the needle on tax reform on a globally inclusive scale.
alex cobhamchief executive officer Tax Justice Network Said: “This is another victory on tax secured at the UN through the leadership of countries in the Global South, but for the benefit of people everywhere. Increasing the technical and political space for national governments to pursue progressive tax measures will, over time, allow countries to generate more revenue to invest in inclusive public services, while simultaneously eliminating harms that harm all of our societies. Excessive wealth inequalities will also be tackled.
“We are starting to see a consistent pattern where transparency of tax discussions at the UN leads to better outcomes. The concurrent process of negotiating the United Nations Framework Convention on International Tax Cooperation offers the world an unprecedented opportunity to lock in that dynamic, and ultimately fix the international tax rules that are costing us all so much. It has to be paid,” Cobham said.



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