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G20 Finance Ministers OECD Tax Report and Meeting Communiqué Published — Orbitax Tax News & Alerts

The OECD has published the OECD Secretary-General Tax Report to G20 Finance Ministers and Central Bank Governors, which was presented during a meeting hosted by Italy and held virtually on 7 April 2021. This report provides an overview of the latest developments in the OECD's international tax agenda and the work of the Global Forum on Transparency and Exchange of Information for Tax Purposes since February 2021, including in relation to responding to the COVID-19 crisis, addressing the tax challenges arising from digitalization, progress in tackling tax evasion and tax avoidance, and other issues. In addition to the main report, an annex provides a separate report on Tax and Fiscal Policy in Response to the COVID-19 Crisis. This report provides an overview of the tax measures introduced during the COVID-19 crisis across 66 countries and jurisdictions since the outbreak of the pandemic. It also outlines forthcoming OECD work meant to help countries reassess their tax and spending policies in the longer run.

The communiqué following the meeting has also been published. Regarding tax issues, the communiqué includes:

We will continue our cooperation for a globally fair, sustainable, and modern international tax system. We remain committed to reaching a global and consensus-based solution building on the solid basis of the Reports on the Blueprints for Pillar 1 and Pillar 2, by mid-2021. 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. 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. We look forward to a constructive discussion at the High Level Tax Symposium on Tax Policy and Climate Change in July. We take note of the OECD updated report on Tax and Fiscal Policy in Response to the COVID19 Crisis. We reaffirm our engagement to support developing countries in strengthening the capacity to build sustainable tax revenue bases and ask the OECD to prepare a report on progress made through their participation at the G20/OECD Inclusive Framework on BEPS and identify possible areas where domestic resource mobilization efforts could be further supported.