G20 Finance Ministers welcome consensus on new global tax rules

The G20 Finance Ministers have expressed their support on the key elements reached by the OECD Inclusive Framework members with regard to the Pillar 1 and 2 proposals.

In their communique issued at the end of their 9-10th July meeting, the Ministers reiterated the need for ‘a more stable and fairer international architecture’ and welcomed the proposals on a minimum tax and new global allocation rules.

The endorsement comes as the number of Inclusive Framework jurisdictions that are supporting the consensus rose to 132 with the addition of St Vincent and the Grenadines.