Earlier this month, 136 out of 140 member jurisdictions of the OECD/G20 Inclusive Framework on BEPS, representing more than 94% of global GDP, reached a political agreement on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy as well as a Detailed Implementation Plan1 (Attachment A). This major achievement will fundamentally transform the international tax landscape within which multinational enterprises operate by reallocating certain profits to markets and by putting a floor on tax competition so as to ensure that at least a minimum amount of tax is paid. I am also pleased to deliver to you three reports on tax issues requested by your Finance Ministers and Central Bank Governors: Tax Policy and Climate Change (prepared with the IMF); Developing Countries and the OECD/G20 Inclusive Framework on BEPS; and Tax and Fiscal Policies after the COVID-19 Crisis. These reports are included as attachments to this report. The scope of the work on international tax and the interest that it has attracted both at the highest political levels and with the public demonstrates that the G20’s efforts to shape the international tax architecture over the past decade have had real impact. Taxation has become a global issue, and is interwoven with the most pressing concerns facing the world – climate change, the COVID-19 pandemic and meeting the Sustainable Development Goals. These are all issues that demand multilateral solutions, and the success of Inclusive Framework members in agreeing the Two-Pillar Solution shows what can be achieved through a spirit of co-operation and compromise. The leadership of the G20 has been instrumental to this success, and your unity and resolve will be counted on as we move forward.
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