Nigeria Leads African Bid to End Corporate Tax Dodging
It has been estimated that multinational corporations from the world's wealthiest economies avoid paying taxes on around one-third of their profits from other nations, totalling $1 trillion a year.
In 2021, the Organisation for Economic Co-operation and Development (OECD), whose member countries include most of the world's developed countries, announced an agreement with nearly 140 countries aimed at giving developing nations a fairer share of tax revenue.
But its implementation has been beset by delays and a pillar of the deal meant to force American tech giants and others to share profits with the countries where they operate looks set to fail, reports Joanna Robin for the International Consortium of Investigative Journalists.
With many lower-income countries questioning whether a grouping of the world's richest countries should shape the global tax regime, Nigeria has introduced a draft resolution at the United Nations on behalf of African nations, calling for a legally-binding UN tax convention.
This article originally appeared on All Africa
Image by Tax Justice Nertwork Africa