MBM Diokno delivering keynote address at the UN-Economic and Social Council (ECOSOC) Special Meeting on International Cooperation in Tax Matters at the UN Headquarters in New York

 

UNITED NATIONS, NEW YORK, 18 March 2024– Bangko Sentral Monetary Board Member Benjamin E. Diokno addressed the UN’s Economic and Social Council (ECOSOC) Special Meeting on International Cooperation in Tax Matters on 18 March 2024 at the United Nations Headquarters.

MBM Diokno was invited by the ECOSOC President to set the stage for the panel discussion on “Promotion of inclusive and effective international tax cooperation at the United Nations.”

In his keynote address, MBM Diokno highlighted that the historic resolution commencing the development of a UN framework convention on international tax cooperation elevates tax discussions to the UN platform, marking an important stride towards effective, inclusive, and lasting solutions to global tax challenges.

MBM Diokno: “This UN platform can build on existing cooperation initiatives and promote more equitable participation of developing economies in tax decision-making and standards-setting; one key area of taxation that must be taken up in global discussions is the growing role of consumption taxes in building effective tax systems.”

 

Delegates from Tax agencies of UN Member States convene ECOSOC Chamber, UNHQ

MBM Diokno noted that the share of consumption taxes in Asia and ASEAN increased in comparison to income taxes over the past two decades.  He observed that global policy trajectory suggests a shift from income taxes to consumption taxes as preferred revenue sources.

MBM Diokno called on the UN to ensure meaningful participation of emerging markets and developing economies in global tax discussions.  He also underscored that solutions must be cost-effective and easy to implement, and that “the UN must leverage collaboration with existing bodies on international tax cooperation, such as the OECD/G20 Inclusive Framework on BEPS, to achieve objectives without duplicating efforts.”

MBM Diokno led the Philippine delegation to the meeting composed of BIR Commissioner Romeo Lumagui Jr. and DOF Director Euvimil Nina Asuncion. END

 

PH delegation called on Permanent Representative and Ambassador Antonio Lagdameo at the Philippine Mission to the UN.