In a keynote address to a STEP LATAM conference held in Buenos Aires, Argentina, AttorneyGeneral and Minister of Legal Affairs Ryan Pinder made a forceful case for how The Bahamas and other countries would benefit from changing how international tax rules are developed and enforced. STEP is a professional organization representing more than 21,000 attorneys, accountants, and trust and estate practitioners, across 95 jurisdictions.
For decades, the Organisation for Economic Co-operation and Development (OECD) hasplayed the most significant role in shaping international tax rules and policies; AttorneyGeneral Pinder argued that their policies and approach to enforcement have frequentlyfavoured the wealthier, developed economies which comprise their membership. Noting thatdeveloping economies are not accorded a vote when consequential rules are adopted, AGPinder called the process “flawed, inequitable, and unfair,” and said that the OECD has“consistently ignored the consequences of its agenda for non-members who are excluded fromcritical phases of policy design.”
The Attorney-General has worked on the issue with colleagues across the Global South,resulting in the successful passage of a United Nations Resolution (78/230) in December of lastyear, which recognizes that the United Nations can better support more inclusive and effective tax cooperation, and established a member-state led intergovernmental committee to draftterms of reference for an international tax convention. The Attorney-General, who hasrepresented CARICOM and The Bahamas at the United Nations on this issue, believes that theself-interested and unfair enforcement of OECD rules, in particular as they relate toblacklisting, have harmed growth and progress in countries like The Bahamas. He called forrevitalizing multilateralism in tax policy, saying countries like The Bahamas must be“represented, resourced, and empowered.”
Noting that the strong support among fellow member states for the creation of a newinternational tax framework under UN auspices, with 110 countries voting in favour of theDecember 2023 resolution, AG Pinder said it was important that global tax policies reflect theunique needs of small island states like The Bahamas. Referring to the work ahead to establisha new, more inclusive paradigm, the Attorney-General noted that The Bahamas intends tocontinue being active in further negotiations, to ensure our national interest is reflected in theglobal tax architecture.
“We are moving towards a new era,” he said, “in which tax cooperation and the enforcement oftax rules will be more even-handed, more just, more inclusive, and more effective.”
In a keynote address to a STEP LATAM conference held in Buenos Aires, Argentina, AttorneyGeneral and Minister of Legal Affairs Ryan Pinder made a forceful case for how The Bahamas
and other countries would benefit from changing how international tax rules are developed
and enforced. STEP is a professional organization representing more than 21,000 attorneys,
accountants, and trust and estate practitioners, across 95 jurisdictions.
For decades, the Organisation for Economic Co-operation and Development (OECD) has
played the most significant role in shaping international tax rules and policies; AttorneyGeneral Pinder argued that their policies and approach to enforcement have frequently
favoured the wealthier, developed economies which comprise their membership. Noting that
developing economies are not accorded a vote when consequential rules are adopted, AG
Pinder called the process “flawed, inequitable, and unfair,” and said that the OECD has
“consistently ignored the consequences of its agenda for non-members who are excluded from
critical phases of policy design.”
The Attorney-General has worked on the issue with colleagues across the Global South,
resulting in the successful passage of a United Nations Resolution (78/230) in December of last
year, which recognizes that the United Nations can better support more inclusive and effective tax cooperation, and established a member-state led intergovernmental committee to draft
terms of reference for an international tax convention. The Attorney-General, who has
represented CARICOM and The Bahamas at the United Nations on this issue, believes that the
self-interested and unfair enforcement of OECD rules, in particular as they relate to
blacklisting, have harmed growth and progress in countries like The Bahamas. He called for
revitalizing multilateralism in tax policy, saying countries like The Bahamas must be
“represented, resourced, and empowered.”
Noting that the strong support among fellow member states for the creation of a new
international tax framework under UN auspices, with 110 countries voting in favour of the
December 2023 resolution, AG Pinder said it was important that global tax policies reflect the
unique needs of small island states like The Bahamas. Referring to the work ahead to establish
a new, more inclusive paradigm, the Attorney-General noted that The Bahamas intends to
continue being active in further negotiations, to ensure our national interest is reflected in the
global tax architecture.
“We are moving towards a new era,” he said, “in which tax cooperation and the enforcement of
tax rules will be more even-handed, more just, more inclusive, and more effective.”
