The United Nations has recently released a policy brief addressing reforms in International Financial Architecture. This comprehensive document presents a range of reform suggestions categorized into distinct actions including three actions dealing with taxes as listed below:
Action 15: Strengthen global tax norms to address digitalization and globalization through an inclusive process, in ways that meet the needs and capacities of developing countries and other stakeholders: Advocate on finding options to bolster the inclusiveness and effectiveness of international tax cooperation and simplifying global tax regulations in a way that benefits tax administrations in developing nations, which are often under-resourced.
Action 16: Improve Pillar Two of the proposal by the OECD/G20 inclusive framework on base erosion and profit shifting to reduce wasteful tax incentives, while better incentivizing taxation in source countries: Advocate on increasing the global minimum corporate income tax rate, such that it aligns more closely with the statutory tax rates prevalent in most developing nations, with a special emphasis on prioritizing taxation in the source country.
Action 17: Create global tax transparency and information-sharing frameworks that benefit all countries: Advocate for the development of non-reciprocal tax information exchange mechanisms designed to aid developing countries and publication of beneficial ownership details for all legal entities.
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