G20 finance ministers and central bank governors, in a communique following their April 15 virtual meeting, said that they will continue their work on reaching a global agreement on the tax aspects of the digital economy despite disruptions caused by the coronavirus pandemic.
“We reiterate our commitment to use all available policy tools to safeguard against downside risks, ensure a swift recovery and achieve strong, sustainable, balanced and inclusive growth, while continuing to tackle the global challenges, notably those related to addressing the tax challenges arising from the digitalization of the economy and enhancing access to opportunities,” the minister said in their communique.
Before the pandemic, 135+ countries that make up the OECD-led “Inclusive Framework on BEPS” pledged to reach agreement on new rules for taxing the digital economy by the end of 2020. The Inclusive Framework includes all G20 countries. It remains to be seen whether countries will be able to focus on global taxation agreements and meet this deadline given the health crisis.
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