After the third finance ministers and central bank governors meeting of G-20 which was held on 9 -10th of July 2021, a Communiqué was published for clarifying their views on international cooperation on global economy.
In the communiqué it is stated that the key components of the two pillars on the reallocation of profits of multinational enterprises and an effective global minimum tax as set out in the “Statement on a two - pillar solution to address the tax challenges arising from the digitalization of economy” released by the OECD/G-20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) published on 1st July 2021 are endorsed. Furthermore, G-20 also called OECD/G-20 Inclusive Framework on BEPS to address the remaining issues and finalize the design elements within the agreed framework together with a detailed plan for the implementation of pillar one and pillar two by its next meeting in October.
"After many years of discussions and building on the progress made last year, we have achieved a historic agreement on a more stable and fairer international tax architecture.", they said in the final statement of the Communiqué.
For details, please see the link below:
https://www.g20.org/wp-content/uploads/2021/07/Communique-Third-G20-FMCBG-meeting-9-10-July-2021.pdf
NAZALI TAX & LEGAL