Tax Policy Alert: G20 endorses OECD IF progress on international tax reform, commits to implementation plan in October

Tax Policy Alert: G20 endorses OECD IF progress on international tax reform, commits to implementation plan in October

• 15.07.2021

In brief

The G20 Finance Ministers and Central Bank Governors met in Venice on 9--10 July, under the Italian G20 Presidency, and continued their discussions on a range of fiscal and economic issues. Prominent among these was considering the OECD Inclusive Framework (IF) progress, as reflected in the IF Statement of the previous week, where 132 of the 139 IF members agreed to the path forward for international tax reform in the face of an increasingly digitalised economy. The G20 endorsed the OECD IF Statement, the detail of which was discussed in this 2 July Tax Policy Alert. The G20 group also commented on a wide range of issues beyond international corporate tax. Interestingly, they noted that carbon pricing mechanisms and incentives may be appropriate as part of the policy response mix for tackling climate change. This comment is timely given that the EU Commission is expected to publicize its proposals for carbon pricing measures on 14 July.

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