India has become the first country to make a voluntary financial contribution to a United Nations trust fund set up to support the work of the Committee of Experts on International Cooperation in Tax Matters (the UN Tax Committee).
India’s USD 100,000 contribution will fund developing country participation in UN Tax Committee subcommittee meetings, the UN Department of Economic and Social Affairs Office for Financing for Development Office said June 27.
The UN Tax Committee is responsible for developing the United Nations Practical Manual on Transfer Pricing for Developing Countries, the United Nations Model Double Taxation Convention between Developed and Developing Countries, guidance on extractive industries taxation and taxation of services, and other topics of interest to developing nations. It also assists with capacity-building initiatives and provides technical assistance to developing counties.
The UN Tax Committee’s work is viewed as an alternative to the OECD and G20 international tax standard setting work, focusing on the interests of developing nations, which sometimes conflict with the interests of developed nations.
Voluntary contributions to the trust fund have been requested since 2006, the UN said.
