India the first country to contributed USD 100,000 to UN Tax Fund

Vastavam web:  India has contributed USD 100,000 to a UN fund to help developing countries actively participate in the discussion of tax issues, becoming the first country to make the contribution.The UN Trust Fund for International Cooperation in Tax Matters (the UN Tax Fund) received its first financial voluntary contribution from India, the UN Department of Economic and Social Affairs Office for Financing for Development Office announced.Voluntary contributions for the fund have been called for by the UN and the committee since its establishment in 2006.The call for contributions was also emphasised in the Addis Ababa Action Agenda adopted at the third International Conference on Financing for Development in 2015, the UN department said.

Handing over a cheque to the Financing for Development Office, India expressed hope that other countries will similarly contribute to the UN Tax Trust Fund to advance developing countries’ participation on taxation issues.The UN Tax Committee, a subsidiary body of the UN Economic and Social Council (ESOSOC), has provided guidance on current issues such as double taxation treaties, transfer pricing (profit shifting) taxation of the extractive industries and taxation of services.The committee also provides a framework for dialogues with a view to enhancing and promoting international tax cooperation among national tax authorities, while making recommendations on capacity-building and the provision of technical assistance to developing counties and countries with economies in transition.