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G20 Finance Ministers and Central Bank Governors Reaffirm Commitment to Two-Pillar International Tax Package — Orbitax Tax News & Alerts

The G20 Chair's Summary has been published following the third G20 Finance Ministers and Central Bank Governors meeting under the Indonesian G20 Presidency, which was held on 15 to 16 July 2022. In the summary, the Finance Ministers and Central Bank Governors reaffirm their commitment to the two-pillar international tax package as follows:

We reaffirm our commitment to the swift implementation of the OECD/G20 two-pillar international tax package. We support the ongoing work on Pillar One and welcome the completion of Pillar Two Global Anti-Base Erosion (GloBE) Model Rules, which pave the way for consistent implementation at a global level as a common approach, and we look forward to the completion of the GloBE Implementation Framework. We call on the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) to finalize Pillar One, including by signing the Multilateral Convention in the first half of 2023, and call on the Inclusive Framework to complete the negotiations that would allow the development of the Multilateral Instrument for implementation of the Subject to Tax Rules (STTR) under Pillar Two. We reaffirm our objective to strengthen the tax and development agenda in light of the G20 Ministerial Symposium on Tax and Development, and we note the forthcoming new G20/OECD Roadmap for Developing Countries and International Tax. We support the progress made on implementing internationally agreed tax transparency standards, including regional efforts and welcome the signing of the Asia Initiative Bali Declaration. We also welcome the progress at the OECD on the Reporting Framework for Crypto-Assets as well as the amendments to the Common Reporting Standard and call for their swift completion.

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.