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G20 Finance Ministers and Central Bank Governors Remain Committed to OECD's Two-Pillar Solution — Orbitax Tax News & Alerts

The U.S. Treasury has published the official communiqué issued after the G20 Finance Ministers and Central Bank Governors Meeting that was held 17 to 18 February 2022, which includes a continued commitment to the implementation of the OECD's two-pillar solution for international tax reform. With respect to taxation, the communiqué includes the following:

To ensure the swift global implementation of the historic OECD/G20 two-pillar international tax package agreed in 2021, we commit to develop the model rules and multilateral instruments according to the timetable provided in the Detailed Implementation Plan, with a view to ensure that the new rules will come into effect at global level in 2023. We welcome the technical design of the Global anti-base erosion Model Rules for Pillar 2 adopted by the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), and call for their finalization and consistent implementation at a global level as a common approach. We also welcome the ongoing development of the Multilateral Convention for Pillar 1. Bespoke technical assistance will be available to developing countries to support all aspects of implementation. We support the global and regional efforts, including in the Asia-Pacific region, to improve domestic resource mobilization in developing countries through technical assistance and capacity building and welcome the G20 Ministerial Symposium to discuss these issues. We support the progress made on the work on the framework for the automatic exchange of information on crypto-assets. We acknowledge the OECD/G20 Inclusive Framework on BEPS report on Tax Policy and Gender Equality.

Click the following link for the OECD Secretary-General Tax Report that was presented to the G20 Finance Ministers and Central Bank Governors during the meeting.