Daily Current affairs
India has contributed USD 100,000 to a UN fund to help developing countries actively participate in the discussion of tax issues, becoming the first country to make the contribution, reported a national news agency. The calls for voluntary contribution to the UN Tax Fund are being made since 2006 and it is incorporated in the Addis Ababa Action Agenda which was adopted in 2015. The Addis Agenda calls for a global framework to ensure the effective mobilization of resources. It also aims to work towards sustainable development.
The UN Trust Fund for International Cooperation in Tax Matters (the UN Tax Fund) received its first financial voluntary contribution from India, the UN Department of Economic and Social Affairs Office for Financing for Development Office announced.
The UN Tax Trust Fund aims to support the work of the Committee of Experts on International Cooperation in Tax Matters (the UN Tax Committee).
Voluntary contributions for the fund have been called for by the UN and the committee since its establishment in 2006. The call for contributions was also emphasised in the Addis Ababa Action Agenda adopted at the third International Conference on Financing for Development in 2015, the UN Department said.
India became the first country to respond to the call with an initial contribution of USD 100,000 that will be dedicated for ensuring greater support for developing countries' participation in the sub-committee meetings of the UN Tax Committee, which are currently unfunded.