In this interview with Pallavi Panthry and Nidhi Raj from the World Of Circular Economy (WOCE), we delve into the United Nations’ groundbreaking blueprint for a universal tax accord, introduced during the second leg of the UN Global Tax Convention held on August 16, 2024. The discussion highlights the significance of this proposed global tax convention, which aims to create a more inclusive and equitable international tax system.
Pallavi and Nidhi explain how the current global tax practices, rooted in historical inequalities, have long favored the Global North, leaving nations in the Global South, such as India, Brazil, and Nigeria, at a disadvantage. They emphasize that the UN’s initiative is a crucial first step toward reforming these outdated systems to better serve developing nations.
The conversation further explores the role of wealth taxation in achieving equitable sustainability in development. The speakers argue that wealthy individuals and large corporations, particularly those from developed countries, have a responsibility to contribute more to the economies of the nations they operate in. This is essential for fostering collaboration and ensuring that economic growth does not come at the expense of environmental degradation.
However, they also raise the point that taxation should not be seen merely as a duty but as an opportunity for governments and corporations to work together toward common sustainable goals. The interview touches on the challenges and reservations expressed by industrialized nations, as well as the importance of redefining economic growth to prioritize sustainability and inclusivity. This conversation sheds light on the complexities and potential of the UN’s efforts to reshape global taxation for a more balanced and sustainable future.
