The United Nations General Assembly has unanimously adopted a resolution to develop an international tax cooperation framework or instrument based on a UN intergovernmental process. Nigeria submitted this resolution on behalf of a consortium of 54 African countries.
The proposed UN framework on global tax cooperation will put an end to the Organisation for Economic Co-operation & Developments 60-year role as the regulator of taxations across the world. Similar framework has been proposed by the OECD. It has been under development in the OECD for nearly a decade but its final draft is yet to be given. The proposed UN framework will likely put an end to the power struggle between the UN and the OECD on international tax regulations.
The proposed framework is expected to benefit developing countries in Africa and Asia since they are provided with a larger say on the formulation of global tax regulations.