Brussels and New York, 12 August 2024: A new negotiating draft has just been published at the UN in New York, where negotiations on the Terms of Reference for a new UN Convention on International Tax Cooperation is entering its final week. The text still contains key elements such as corporate tax, wealth tax and environmental protection. With a timeline of three years to deliver three legally binding UN agreements on tax, this negotiating text outlines a clear road to an ambitious outcome.

Tove Maria Ryding, Tax Coordinator at the European Network on Debt and Development (Eurodad), is in New York and following the negotiations. She commented:

“The Olympics are over, but here at the UN we are only just starting the sprint to the finish line after a real marathon of negotiation. And everything is still in play. The new negotiating text shows that an ambitious outcome is still within reach, and we will see whether all governments are willing to deliver the breakthrough we need over the course of the next week.

“We are pleased to see that the negotiating text still contains clear commitments to be considered when drafting the future UN Tax Convention, including on fairness between countries, corporate tax and taxation of the ultra-wealthy. In the newest draft, we even have a new commitment on illicit financial flows and harmful tax practices, which is a good step forward.

“Right now, we are looking at a initial outline of a UN Tax Convention that can help ensure the world’s richest individuals and corporations are no longer able to use tax havens and international loopholes to dodge taxes. For the first time, this Convention would also create clear links between the global tax rules and international commitments on sustainable development and environmental protection.

This process would never have started had it not been for the leadership of the Africa Group, which continues to push hard for an ambitious outcome. Over the last two weeks, we have also seen governments from Latin America show a strong commitment to ensure that the tax rules serve to reduce inequality and ensure that the world’s ultra-rich pay their share of taxes. But unfortunately, many governments – especially from the global north – are still being very reluctant or outright obstructive in the negotiations. In this last week, we need to see all governments commit to moving forwards toward a fair, ambitious and effective UN Tax Convention."

ENDS

Media contact: Mary Stokes, Senior Communications Officer: [email protected] | Mobile: +32 491 14 66 56 | WhatsApp: +54 9 11 4401 2506

Notes to editors:

• The UN negotiations started on 29 July 2024 and are set to finish on Friday 16 August. The new draft negotiating text can be found here: https://financing.desa.un.org/sites/default/files/2024-08/Draft%20ToR.Rev_.2_11%20August%202024.pdf
• An overall analysis of the text can be found in this Twitter thread: https://x.com/toveryding/status/1822825636714385528
• In June 2024, over 200 civil society organisations and trade unions made a joint submission to the UN outlining the key issues that must be addressed by the Terms of Reference for the new UN Framework Convention on International Tax Cooperation. The submission can be found here: https://financing.desa.un.org/sites/default/files/2024-07/GATJ_Inputs_AHC%20Tax_2nd.pdf
• A number of governments and other actors have also submitted their positions on the UN tax negotiations – the full list of submissions can be found here: https://financing.desa.un.org/un-tax-convention/second-session-inputs