G20 to back mid-2021 deadline to wrap up global tax talks: draft

PARIS (Reuters) - G20 finance ministers support wrapping up global talks to update international tax rules for the age of digital commerce by mid-2021, they said in a draft statement for a meeting on Wednesday.

Reuters October 14, 2020 00:07:02 IST
G20 to back mid-2021 deadline to wrap up global tax talks: draft

G20 to back mid2021 deadline to wrap up global tax talks draft

PARIS (Reuters) - G20 finance ministers support wrapping up global talks to update international tax rules for the age of digital commerce by mid-2021, they said in a draft statement for a meeting on Wednesday.

Nearly 140 countries agreed on Friday that they would need to extend the talks beyond a 2020 deadline, which slipped out of reach due the pandemic outbreak and U.S. hesitation before the presidential election.

G20 finance ministers, who hold an online meeting on Wednesday, said that OECD blueprints for a major rewriting of the rules for cross-border taxation offered a "solid basis for future agreement on a global and consensus-based solution".

"We remain committed to further progress on both pillars and urge the G20/OECD Inclusive Framework ... to address the remaining issues in order to reach a global and consensus-based solution by mid-2021," they added in the draft statement, seen by Reuters.

(Reporting by Jan Strupczewski in Brussels; Writing by Leigh Thomas; Editing by Alison Williams)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.