India has given $1 lakh (Rs 64.49 lakh) to a United Nations fund that helps developing countries actively participate in the discussion of tax matters, becoming the first country to make such a contribution. The UN Financing for Development Office on Thursday announced that the UN Trust Fund for International Cooperation in Tax Matters had received its first voluntary financial contribution from India.
The UN has been calling for voluntary contributions to the UN Trust Fund, which supports the UN Tax Committee, since 2006 under the Addis Ababa Action Agenda. India is the first country to respond to the call.
The UN believes that developing countries will help ensure that global tax laws work effectively for everyone by participating in cross-country discussions on tax matters. The UN Tax Committee has also helped countries with matters such as double taxation treaties, and the taxation of services, among others.
Implementing the Addis Ababa Action Agenda is also expected to help the UN realise its Sustainable Development Goals. Moreover, the Addis Ababa Action Agenda is a significant part of the 2030 Agenda for Sustainable Development, which countries around the world adopted in 2015.
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