By Julie Martin, MNE Tax
In a communique released after their October 14 virtual meeting, G20 finance ministers and central bank governors said they remain committed to achieving consensus on new rules for taxing multinational group income. The ministers acknowledged, though, that they will miss their previous, end-of-2020, deadline for reaching a deal.
The COVID-19 pandemic set back work on the global tax agreement, the ministers explained. The new goal is to reach a consensus on new tax rules by mid-2021.
The ministers said they welcome the October 12 release of OECD Pillar One and Pillar Two reports.
“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 ministers said.
The ministers also welcomed a report approved by Inclusive Framework on the tax policy implications of virtual currencies and global progress implementing tax transparency standards.
They further pledged to continue to support developing countries in strengthening their tax capacity to build sustainable tax revenue bases.
Julie Martin
Julie Martin is the founder of MNE Tax. She edits the publication and regularly contributes articles on new developments in cross-border business taxation.
Julie has worked as a tax journalist and editor for more than 13 years. Prior to that, she worked as an in-house tax attorney in New York. She also holds an LLM in taxation from New York University School of Law.
Julie can be reached at [email protected].
Latest posts by Julie Martin (see all)
- UN committee considers updates to model tax treaty, developing nation tax guidance - April 21, 2021
- UN Committee of Experts approves new digital tax article for model treaty - April 20, 2021
- Leaked copy of US proposal for Pillar One and Two multinational group tax reforms available - April 12, 2021
- US offers new “Pillar One” compromise plan for taxing large multinationals - April 8, 2021
- UN tax committee releases updated model treaty language on automated digital services - April 7, 2021
Be the first to comment