As I look back over my fifteen years as Secretary-General of the OECD, our efforts to transform the international landscape together stand out as one of my proudest achievements. Since its inception, the G20 has supported multilateral co-operation for a globally fair, sustainable and modern international tax system and we have witnessed incredible transformations as a result. I am hopeful that together we can continue our tradition of delivering on another ambitious tax agenda this year as I welcome the Italian presidency of the G20. The pressing issue at the forefront of the agenda is reforming the international tax system to address the tax challenges arising from the digitalisation of the economy. The need for international co-ordination to resolve the tax challenges of digitalisation and restore stability to the international tax framework is greater than ever, as the COVID-19 pandemic has accelerated digitalisation, public finances are increasingly strained and tolerance for tax avoidance by multinational companies (MNEs) in the current environment is nil. The absence of a multilateral solution to the tax challenges arising from digitalisation would likely lead to a proliferation of unilateral and uncoordinated tax measures, retaliatory trade sanctions and an undermining of tax certainty and investment. The impact of such negative consequences could reduce global GDP by more than 1%. Today, all the conditions to find a consensus-based solution by the July meeting of G20 Finance ministers are met. First, we have a solid technical basis with the Blueprints of Pillar One and Pillar Two, which you welcomed in October. Public comments have since called for simplifications which can be advanced by July to make both Pillars fully implementable. Second, the political conditions for a deal in July are present with very strong and positive messages from the new US Administration. This constructive attitude to “re-energise the negotiation” echoes the strong signals from the Ministerial roundtable at the first public meeting of the G20/OECD Inclusive Framework in January where there was consensus on The Honourable Chrystia Freeland’s declaration “let’s get it done!” Reaching a solution between now and your July meeting will only be achieved with your strong leadership and unequivocal political support and involvement. Beyond the corporate income tax challenges, we are advancing the work on tackling other tax challenges arising from the digitalisation of the economy. • New technologies emerging in the digital space raise novel tax challenges. The overall market capitalisation of virtual currencies has reached over USD 1 trillion, a figure that has increased fourfold since I last reported to you. We are developing a new tax reporting framework for crypto-assets, with a view to presenting a comprehensive implementation package to you later in 2021. • The implementation of the OECD’s standards for the effective collection of VAT on online sales of goods, services and digital products have continued to influence worldwide VAT reform. Thus far, 69 countries have implemented, or enacted legislation to implement, the standards and 40 countries are on course to implement the standards. The standards have minimised competitive distortions between online traders and traditional businesses and continue to yield considerable revenue. In addition to this ongoing work, we will deliver new guidance on the VAT treatment for the sharing and gig economy in 2021. • Following the development of model rules for reporting on sellers in the sharing and gig economy, endorsed at your July 2020 meeting, we are working towards agreement on a new framework to support the international exchange of information furnished by platform operators under the new rules. This will greatly facilitate and ensure tax compliance by online sellers. Responding to the COVID-19 crisis Tax has a key role to play in responding to the COVID-19 crisis, which has resulted in a drop in economic activity without precedent in recent history. Tax revenues are likely to be significantly reduced for a number of years, on account of both direct effects of the crisis and policy actions taken. The unprecedented nature of the crisis is prompting a reflection on whether some new tax measures could be contemplated and more traditional measures reconsidered. In April 2020, the OECD delivered to you the report “Tax and Fiscal Policy in Response to the Coronavirus Crisis: Strengthening Confidence and Resilience”, which took stock of more than 700 tax measures taken by governments around the world to help businesses stay afloat, support households and preserve employment in the immediate aftermath of the crisis. Since then, the OECD has continued to track tax policy responses to the crisis and I will furnish a new report with the latest developments to you at your next meeting in April 2021. In addition, we have also swiftly addressed important issues that international businesses and mobile workers have faced as a result of the COVID-19 crisis. Since my last report, the G20/OECD Inclusive Framework has published new guidance on the transfer pricing implications of the COVID-19 pandemic, which provides much needed clarification and support for taxpayers and tax administrations as they navigate the application of international transfer pricing rules for periods impacted by the COVID-19 pandemic. In January 2021, the OECD also published updated guidance on the impact of the COVID-19 pandemic on the interpretation of tax treaties to provide more certainty to taxpayers during this exceptional period.