STATEMENT BY MR FOO GUOZHI, DEPUTY CHIEF TAX POLICY OFFICER, MINISTRY OF FINANCE OF SINGAPORE AT THE FIRST SESSION OF THE AD HOC COMMITTEE TO DRAFT TERMS OF REFERENCE FOR A UNITED NATIONS FRAMEWORK CONVENTION ON INTERNATIONAL TAX COOPERATION, 8 MAY 2024

Thank you, Mr. Chair.

2        We are here to pursue inclusive and effective international tax cooperation. Singapore is here because like many other countries, we believe in inclusivity, and the potential of this process to lead to a meaningful outcome for all.

3        Inclusivity should therefore be the central guiding principle for our procedures. Inclusivity is not a function of how many members a body has. Inclusivity requires substance, and this means making the effort to ensure that all voices are heard and, and more importantly, taken into account. It goes beyond having a broad platform for discussions. This is why many countries have pointed to consensus-based decision making as a key element to support inclusivity. It is not irrelevant to this committee. It is in fact central, given our commitment to inclusivity. It has a direct bearing on how widely the UN framework convention will be adopted.

4        Consensus will be a more difficult modality than majority vote because of the widely differing needs and circumstances of countries. But this is precisely why every effort to arrive at consensus, and if that cannot be achieve, a decision based on at least a supermajority vote, is important. This is important because when a process is not perceived to be inclusive, countries will disengage. We risk ending up with a fragmented international tax system, which has implications on global economic growth.

5        I wish to reiterate Singapore’s support for an inclusive process. We will continue to engage constructively and work with all member states towards a solution that meets the needs of all countries.

.  .  .  .  .