Avocado Roundup: Nigerian Proposal Could Set Stage for Talks on UN Tax Convention
Avocado Roundup is a quick review of top tax, legal, and climate news stories. It’s written by humans.
The United Nations published an Oct. 11 draft resolution by Nigeria that could, if adopted by the General Assembly, lead to formal negotiations to establish a UN tax convention. (UN.org)
A UN Secretary General report in July on international tax cooperation called for the world body to take a greater role in setting global tax policy, a role the rich country-led OECD has dominated for decades. It proposed three possible ways to achieve that objective. (LegalAvocado)
The UK-based nonprofit Tax Justice Network Wednesday said the Nigerian resolution seems to favor the strongest of the UN report’s three options: creating a new, legally binding multilateral convention on tax. If the UN General Assembly adopts the draft resolution this November, the negotiations could start early next year.
That UN process “could potentially deliver the biggest shakeup in history to the global tax system,” Tax Justice said. (TaxJustice.net)
UK Tells Large Companies: Disclose Tax Strategies, Or Else
The UK tax authority is cracking down on large companies that fail to comply with a seven-year-old requirement to publish their tax strategies online. (City A.M.)
Italy is apparently following Portugal in cutting tax breaks for foreign residents. A new draft decree would sharply curtail Italy’s tax break for expats, starting with foreigners setting up in the country in 2024, according to an Italian law firm’s LinkedIn post. (LinkedIn)