National

PM: Shift on Global Taxes Should Bring Changes

NASSAU, BAHAMAS – The Bahamas was among 125 United Nations member states supporting a resolution shifting the decision-making on global tax policies and rules away from large global bodies.

Published

1 year ago

November 27, 2023

Berthony McDermott

NASSAU, BAHAMAS – The Bahamas was among 125 United Nations member states supporting a resolution shifting the decision-making on global tax policies and rules away from large global bodies.

It’s a position Prime Minister Philip Davis has been pushing for. He says oftentimes the decisions handed down can be costly for small nations like ours.

The United States, United Kingdom and European Union member countries were among the 48 that voted against the resolution. Nine countries abstained.

Davis wrote a letter back in September to U.N. Secretary General Antonio Guterres, outlining the harmful actions of the OECD and other global financial watchdogs which often portray The Bahamas as a danger to larger nations.

The vote comes as the OECD seeks to impose a 15 percent global minimum corporate income tax by 2024 which The Bahamas has agreed to implement.

The prime minister hopes this vote will bring some change.