The leaders of the world’s 20 biggest economies have again committed to work toward reaching a political agreement on revised rules for taxing multinational group income. The leaders agreed to a revised deadline of mid-2021.
In a joint communique released November 22 following virtual meetings hosted by Saudi Arabia, the G20 leaders said they welcomed the release of Pillar One and Pillar Two reports, approved by the Inclusive Framework on Base Erosion and Profit Shifting (BEPS).
“Building on this solid basis, we remain committed to further progress on both pillars and urge the G20/OECD Inclusive Framework on BEPS to address the remaining issues with a view to reaching a global and consensus-based solution by mid-2021,” the leaders said.
In a report to G20 finance ministers, prepared for this meeting, the OECD Secretariat warned that if a global agreement on taxation is not reached, the likely outcome will be a proliferation of unilateral tax measures and trade disputes.
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