India has contributed $100,000 to UN fund to help developing nations effectively participate in the discourse of tax issues, turning into the primary nation to make the commitment.
The UN Trust Fund for International Cooperation in Tax Matters (the UN Tax Fund) got its first financial voluntary commitment from India, the UN Department of Economic and Social Affairs Office for Financing for Development Office declared.
The UN Tax Trust Fund plans to support the work of the Committee of Experts on International Cooperation in Tax Matters (the UN Tax Committee).
Voluntary commitments for the fund have been called for by the UN and the committee since its foundation in 2006.
The call for commitments was likewise accentuated in the Addis Ababa Action Agenda embraced at the third International Conference on Financing for Development in 2015, the UN Division said.
India turned into the primary nation to respond to the call with an underlying commitment of $100,000 that will be dedicated to guaranteeing more prominent support for developing nations’ interest in the sub-committee meetings of the UN Tax Committee, which are currently unfunded.
Giving over a check to the Financing for Development Office, India communicated hope that different nations will likewise add to the UN Tax Trust Fund to propel developing nations’ interest on taxation issues.
Through the fund, the UN expects that all the more developing nations will draw upon the best practice of different bodies, guaranteeing that global tax cooperation norms and principles will work all the more successfully and effectively for all nations and all partners.
The UN Tax Committee, a subsidiary body of the UN Economic and Social Council (ESOSOC), has given guidance on current issues, for example, double taxation treaties, exchange estimating (benefit moving) taxation of the extractive industries and taxation of administrations.
The committee likewise gives a framework to discourse with a view to enhance and advance global tax cooperation among national tax experts, while making proposals on capacity-building and the arrangement of technical help to developing provinces and nations with economies experiencing significant change.
The Addis Agenda gives a global framework to guarantee the compelling preparation of resources at the national and universal level for sustainable development.
Usage of the Addis Agenda supports the execution of the Sustainable Development Goals (SDGs) and is an indispensable piece of the 2030 Agenda for Sustainable Development, the notable and transformational motivation that nations collectively embraced in 2015.