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Commenting on the UN zero draft terms of reference (ToR) for a UN Framework Convention on International Tax Cooperation, ICC has emphasised the importance of clear, inclusive, and stable tax regimes to promote economic growth and sustainable development.
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The comments will inform the discussions about the UN zero draft ToR for a UN Framework Convention on International Tax Cooperation during the second substantive session of negotiations.
The UN zero draft ToR published in June 2024 sets out the basic parameters and mechanisms of a framework convention, including its proposed objectives, timeframe for negotiations and priority areas to be addressed.
Which concerns on the UN zero draft ToR did ICC raise on behalf of business?
- Lack of clarity in the proposed terms and of definitions of key concepts
- Need for consensus-based decision-making: This entails buy-in from the broadest number of countries and the involvement of the business community in the dialogue
- Need for a structured framework for exchange with the business community
Additionally, ICC stresses
- The significance of tax certainty, simplicity, and the avoidance of double taxation
- The need for careful consideration of the economic impact of any of the future proposed policies
- The importance of collaboration among international institutions to avoid duplication and ensure workable solutions
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