G20 finance ministers and central bank governors on April 7 renewed their call for agreement on new tax rules for multinational groups.
The ministers and governors reaffirmed their commitment to reaching global, consensus-based solutions, building on the reports on the blueprints for Pillar 1 and Pillar 2 by mid-2021, they said in their communique.
The meeting, held virtually like the previous one, was the second under the Italian G20 presidency.
“We acknowledge the progress made to date and urge the G20/OECD Inclusive Framework on Base Erosion and Profit Shifting (BEPS) to address the remaining outstanding issues with a view to achieving an agreement by the set deadline,” the communique said. “We acknowledge the progress made on implementing the internationally agreed tax transparency standards and support the Organization for Economic Cooperation and Development’s (OECD) ongoing work to explore proposals for automatic exchange of information on crypto-assets.”
The ministers also said they were reaffirming their support of developing countries in strengthening their creation of sustainable tax revenue bases and asked the OECD to issue a report on progress made through their participation at the G20/OECD Inclusive Framework on BEPS. The OECD should identify any areas where domestic resource mobilization efforts could be further supported, it said.
The G20 finance ministers and central bank governors will next meet on July 9–10 in Venice.
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