INFORMATION & COMMUNICATION DIRECTORATE - Media Advisory No: Date: 29 May 2023 Venue:
29 May 2023
“Sub-Committee on Tax and Illicit Financial Flows.” What: The opening session of the Specialised Technical Committee on Finance, Monetary Affairs, Economic Planning & Integration- the Sub-Committee on Tax and Illicit Financial Flows will discuss and provide recommendation on tax policy matters that focus on equitability in taxing rights and tax standard-setting initiatives such as the United Natio. [...] The application of traditional tax principles (Nexus rules) for income tax and in the context of Value Added Tax (VAT). [...] As a result, Africa’s position in the global tax debate requires a renewed approach to tax policy initiatives, including the United Nations Resolution for a Tax Convention and the incoming international tax rules proposed by the OECD Inclusive Framework’s Two-Pillar solution. [...] As African countries continue to grapple with low tax collection and ever-increasing revenue demands, particularly building back from the COVID-19 pandemic, it is critical to address these issues and ensure that the African interest is protected in the design and implementation of the global tax rules. [...] The expected outcomes for the First Sub-Committee on Tax and IFFs Issues are: ▪ African position on the ongoing developments on the UN resolution on a Tax Convention for International Tax Cooperation.