IFA Hong Kong will soon be in conversation with Michael Lennard, Chief of International Tax Cooperation in the Financing for Sustainable Development Office and Trade of the United Nations.

The United Nations is generally seen by many as an open forum for emerging economies, this in contrast to the OECD, which is often considered as a 'club for rich countries'. This follows, amongst others, from the United Nations Model Tax Treaty, which has its focus on source taxation, whereas the OECD Model Tax Treaty is more focused on residence taxation.

In November 2022, the United Nations Economic and Financial Committee tabled a resolution proposing the establishment of a 'new' United Nations Tax Convention that will give low- and middle-income countries decision-making powers over global tax affairs. The resolution was adopted and considered as a diplomatic win for African States that initially proposed the resolution. A further report on the progress of this resolution can be expected this coming July.

Issues that arise from this 'historic' development are numerous, such as whether such 'new global tax body' would undermine the OECD's position, will there be a conflict of tax policies between the United Nations and the OECD, will the 'new forum' be able to achieve a broader consensus than the OECD and hence, create a more balanced / efficient international tax system? Also, what about other ways of influencing tax policies, such as as a result of the establishment of the China Belt and Road Initiative?

The above-mentioned developments and issues will be part of the discussion with Michael Lennard.

When: 24th of May at 18:30

Where: Baker & McKenzie, 14/F, One Taikoo Place, 979 King's Rd, Quarry Bay

Price: IFA HK & IFA APAC Members Complimentary, Non-Members HKD 200, HKICPA & Dutch Chamber of Commerce Members HKD 100