President BOLA TINUBU has called for a comprehensive review of the global tax system.

The president argued that rectifying the imbalances within the international tax regime has become increasingly crucial.

Speaking at the Third South Summit of the Group of 77 and China in Kampala, Uganda, President TINUBU who was represented by the Minister for Budget and Economic Planning emphasized Nigeria’s commitment ABUBAKAR BAGUDU to multilateralism in addressing global challenges.

President TINUBU highlighted the impact of the current international tax systems, which are predominantly influenced by the interests of wealthier nations.

According to him, developing countries, particularly in terms of taxing digital economies, are often left at a disadvantage as a result.

He said this systemic imbalance has resulted in significant revenue losses, hindering sustainable development efforts and economic self-reliance.

To address this issue, Nigeria has championed a historic initiative alongside other member states of the African Group at the United Nations, calling for the establishment of a Framework Convention on Tax.

This resolution is viewed as a significant step toward creating a fairer and more inclusive global tax system.