A “landslide” majority of countries at the United Nations voted to approve ambitious parameters for a new global tax convention that could herald a fresh approach to taxing multinational corporations and the super-rich.
Following three weeks of discussions in New York, on Aug. 16, 110 countries voted in favor of adopting the “terms of reference” that will guide future negotiations for a legally binding framework convention on international tax cooperation — a sort of “global constitution” under which rules, known as protocols, are set.
Eight countries rejected the scoping document, including Japan, the United Kingdom and the United States, all of which are members of Organisation for Economic Co-operation and Development. Forty-four countries abstained from the vote, including all European Union members and Argentina, the sole participating Latin American country to vote against the draft text.
Hellbound and Down 