The Bahamas is celebrating the recent approval of a United Nations Resolution on the “Promotion of Inclusive and Effective International Tax Cooperation”.
Bahamian Prime Minister Philip Davis said the historic resolution is a step towards establishing a framework that would take away the whip held by the “small club of rich countries” that make up the Organisation for Economic Co-operation and Development.
PM Davis said the resolution, which was proposed by Nigeria, aligns with his country’s long-standing position that the international tax system must be inclusive and consider the realities of developing nations.
According to Loop News, one hundred and twenty-five countries voted to support the resolution on November 22.
The vote is being hailed as a significant shift in global tax policy as several similar resolutions were not approved by members.