Rich nations silent as UN debates new tax laws for the wealthy
Ministers and heads of state from every region participated in a debate at the UN General Assembly on September 21, giving their backing for a new tax regime that will see the wealthy paying more taxes in their home countries.
However, as most countries championed the proposed regime, rich nations like the United States, countries of the European Union and the UK remained silent.
According to global tax experts, these rich nations are responsible for enabling much of the tax losses suffered by other countries, as they have been setting global tax laws which favour the wealthy in their nations.
Despite their silence, the moderator closed the UN debate by identifying a “consensus” that had emerged on proposals for a UN tax convention.
Countries are expected to vote on a specific resolution to begin negotiations over a UN tax convention in late November, bringing the global tax system one step closer to its biggest shake-up in history.
The adoption of a UN tax convention has been heralded as countries’ best chance to avert losing nearly $5 trillion to tax havens over the next decade.
If such a tax convention is adopted, some of the laws which govern the BVI’s financial service industry could change. This is because the territory remains one of the biggest financial services jurisdictions in the world, managing trillions of dollars in assets belonging to rich companies and individuals
Since the onset of global shocks such as the COVID pandemic, rising food costs and the Russia/Ukraine conflict which has affected oil prices, countries have been seeking to recover taxes from wealthy individuals who hide their wealth in offshore financial services havens.
These unpaid taxes are believed to be the answer to many economic challenges including hunger that have increased in the last three years.
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Feckless and toothless organization. Total waste of time. After they debate, even if they endorse, and in the unlikely event they actually vote on it, then what?
The organization does not make laws, nor can it enforce, just endless BS talk!
ONLY THE POOR MAN WILL FEEL THE PAIN
Thank you BVI News for clarifying the fact that BVI handles trillions of dollars for foreign entities. Like Niger who supplies uranium to France at eighty cents per kilogram while the world market price is two hundred dollars per kilogram BVI has been collecting a tiny fraction of what it should while we now have residents living in abandoned vehicles. Our situation will progressively worsen if we cannot find the guts to stand up and say enough is enough.
Just meaningless words on a screen.
the u.n can debate it but the rich will always find a way to protect themselves
The refusal of the richest nations of the world to engage in an international tax discussion illustrates their wanton to maintain the status quo and disturb not their propensity to greed.
Some Spanish, Portuguese and rich nations such as the United States, the European Union countries and the UK will not be a part of conscience and morality.
Those former participatory countries in the centuries old bondage of human trafficking, sales and oppression will only agree to revert back to the same past practices.
They are inherently greedy, immoral and ethically bankrupt, and as a result, only the worst of humanity under the ideology of capitalism appeals to their conscience. They are the complete autonomy of greed and evil.
So, is it your hypothesis that if the rich give to the poor out of moral obligation, then the monies will be more equitably distributed? If these wealthy nations give their monies away, do you think the world will find equity, honesty, and fairness?
Your assumptive utopian morals and narrow-minded thinking are no better than the very nations you currently criticize.
No matter who has what, greed will prevail!
And we still here not actively working on the diversification of our economy and the improvement of our tourism product. Too much talking not enough positive action and forward movement in our territory. Our eyes are wide shut..
Yep, for as long as your kind and mentality still walk on earth for sure.
Wha, yo butt hurt? The truth hurt the conscience eh.
Sad.
“…if these wealthy nations givve their monies away”? Herein líes the problem. You either don’t understand or refuse to accept that ‘wealthy’ nations are only wealthy through theivery. It’s not their money it’s stolen money through unfair and predatory trade arranngements and economic régimes There is a moral obligation to play fair. So yes if they had to return stolen monies it would level the playing field for developing nations who have been grossly taken advantage of for centuries.Europen nations are only rich because they have cemented world system to formalise their thievery…IMF, WORLD BANK, UN. Once África wakes up it’s over for the European nations…the so called wealth will disappear…the formation of BRICS is a clue of what is to come.They are well aware of this that’s why the silence is so deafning. They are plotting behind the scences.
New anti tax avoidance laws proposed for BVI legislators of 60% on all unearned income and payments in kind.