Global Tax Agreement: need to reconsider tax exemptions (experts)

(TAP)- Tunisia, like other African countries, needs to establish fairer taxes to help foster economic growth, avoid inequality and increase fiscal transparency, official in charge of the tax justice and public finance programme of the Tunisian Observatory of the Economy Firas Kanzari said.

 

It is important to increase the State’s fiscal resources by means of reconsidering tax exemptions, Kanzari said at a workshop held Friday on the “Global Tax Agreement and its Impact on North African Countries.”

 

Kanzari said major economies of the world will be the major winners of the new agreement which will come into effect in 2023. The gains for developing countries will be small.

 

Kanzari said the observatory seeks to identify necessary means to make the most of the agreement announced by the Organisation for Economic Co-operation and Development (OECD)

 

One hundred thirty-six countries and jurisdictions representing more than 90% of global GDP inked the Global Tax Agreement. The landmark deal will also reallocate more than USD 125 billion of profits from around 100 of the world’s largest and most profitable Multinational Enterprises (MNEs) to countries worldwide, ensuring that these firms pay a fair share of tax wherever they operate and generate profits.

 

Representative of the Association for the Taxation of Financial Transactions Omar Azaki said the peoples of North African countries need to mobilise to demand tax justice and increase transparency.

 

The two-day conference opened on Thursday; workshops on the agenda focused on opportunities and mechanisms made available to Tunisia and other countries in North Africa to gain from the agreement.

 

 

Source: TAP News Agency