G20 Summit : Tinubu seeks changes to global tax system

…Sees current digital tax system as disadvantage to developing countries

President Bola Tinubu has called for restructuring of the current global tax system, especially the digital tax system, which has placed developing nations at a disadvantaged position, stifling development

The President stated this at the ongoing G20 countries meeting taking place in Rio de Jenerio, Brazil, according to a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy

Tinubu said the current global digital tax system has led to revenue loses and hampered the much needed development, especially amongst developing economies of the world.

The President, while berating the global financial tax policies, stated that the “current international tax system, largely shaped by the interests of more affluent nations, often leaves developing countries at a disadvantage, especially in taxing digital economies.”

“This systemic imbalance has led to significant revenue losses, hampering our efforts towards sustainable development and economic self-reliance,” the Nigerian leader said.

President Tinubu highlighted that Nigeria, alongside other African Group member states, championed a historic initiative at the United Nations, calling for a framework Convention on Tax to establish a more equitable and inclusive global tax system.

He also urged the G20 to heed the call by countries, especially those of the global South, to reform the international financial architecture.

“Multilateral institutions must be revamped to bridge the gap between the Global North and South. This is the path for the future and one the G20 must champion.

“Nigeria is committed to being part of that future through active participation in the G20 and our steadfast support for achieving SDG 2030 targets,” the President added.