Hence the need to address the so-called finance gap with a UN-led overhaul of the global tax system. Unsurprisingly, the US in particular fought to water down the UN Tax Convention, and then ditched the process altogether – a development some see as a positive. “When it comes to multilateral agreements, the slogan of the U.S. is, ‘America last,” said Alemayahu of the Global Alliance for Tax Justice: “When the US walked out of the UN Tax Convention we breathed a sigh of relief. We realize that we cannot raise the funds we need for our own development if we don’t transform the international tax system. But reforms of domestic tax systems is not enough: overhaul of the global tax system through an international tax convention is an urgent necessity, especially for the peoples of the global south.”“What’s really important to remember, however, is that this isn’t just about lost revenue,” says the Tax Justice Network’s Luke Holland.