The Bahamas has thrown its support behind a United Nations resolution that seeks to establish a more inclusive tax governance framework and transfer decision-making on global tax rules from the OECD – a consortium of wealthy nations, to the UN.
The resolution, adopted by a significant majority at the UN, marks a historic step toward reshaping how global tax rules are determined.
Prime Minister Philip Davis, in a statement, hailed the approval of the resolution as a groundbreaking moment, emphasizing its role in fostering equity in global tax administration. He noted that this move aligns with The Bahamas’ longstanding advocacy for a fair tax system, particularly supportive of the economic realities of developing nations.
The Prime Minister highlighted The Bahamas’ commitment to upholding the highest tax compliance standards and stressed the need for a reformed global tax structure that respects the sovereignty of nations, especially those disproportionately affected by biased policies from the Global North.
“The Bahamas stands ready to collaborate with the UN in shaping a tax system that ensures transparency, justice, and sustainable development,” affirmed Davis. He pledged unwavering support for policies that safeguard the economic interests of all countries, particularly those historically marginalized in global tax negotiations.
The successful UN vote on the resolution, deemed implausible for decades, signals a significant shift in global tax policy. Previous attempts to bring decision-making on tax rules to the UN, dating back to the 1970s, faced failure and deterred similar efforts for nearly 50 years.
