'This is a historic win for the tax justice and the broader economic justice movement and a big step forward to combat illicit financial flows and tax abuse,' GA4TJ's Dereje Alemayehu said of a U.N. resolution spearheaded by African countries.
"Fears that the OECD process had stalled grew over the summer after the nation of Hungary blocked a 15% minimum corporate tax from being adopted in the European Union,"Wednesday. Experts said the timing of the UNGA resolution is tied to"the delay on the OECD provision that stipulates where a corporation can be taxed for the use of its products as well as frustration from lower-income countries about the amount of that tax.
"The language of their announcement is that they're going to be 'aiming for agreement' on Pillar Two, but it's not clear that that's certain. Hungary has been holding things up," Bunn added. "But today's vote shows that at the end of the day, they know they cannot stop the development towards inclusive, transparent, and U.N.-led tax governance, which is already highly overdue," Ryding argued."The OECD-led governance is coming to an end—both because it was deeply unjust and biased in favor of a few rich countries. But also because the OECD has so blatantly failed to stop international tax abuse.
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