UK and International Tax news
G20 Finance Ministers and Central Bank Governors Issue Statement On International Tax
Monday 19th July 2021
Following the 3rd meeting of G20 Finance Ministers and Central Bank Governors in Venice on 9/10 July, agreement was reached on the proposed OECD/G20 Inclusive Framework’s two-pillar solution to address the tax challenges arising from the digitalisation of the economy.
A communique issued after the meeting confirmed that they endorsed the key components of the two pillars on the reallocation of profits of multinational enterprises and an effective global minimum tax. These components had been set out previously in the statement on a two-pillar solution released by the OECD/G20 Inclusive Framework on BEPS on July 1.
The G20 Finance Ministers and Central Bank Governors have called on the OECD/G20 IF to swiftly address the remaining issues and finalise the design elements within the agreed framework, together with a detailed plan, for the implementation of the two pillars by their next meeting in October.
If you would like further information on the above, please contact Keith Rushen on 0207 486 2378.