The G20 countries reiterated on Wednesday 16 November their commitment to the “swift” implementation of the reform of the taxation of multinationals.
In their declaration adopted at the end of the Bali Summit, they call for the work on Pillar One of the reform on the taxation of digital giants to be finalised so that the specific multilateral convention currently being drafted can be signed “in the first half of 2023”.
Aware of the negative impact that Russia’s armed aggression in Ukraine is having on the global economy, which was already weakened by the Covid-19 pandemic, the G20 pledges that its member countries will deploy “agile and flexible” fiscal policies that support the most vulnerable social groups in the face of rising energy and food prices. The measures adopted must be “temporary and targeted” so as to avoid increasing inflationary pressure, it stressed.
According to the G20, the central banks of the world’s 20 largest economies are “strongly” committed to achieving price stability. They will continue to calibrate the pace of monetary policy tightening appropriately, based on macroeconomic developments, while bearing in mind the importance of safeguarding the economic recovery.
IMF. Lastly, the G20 countries remain committed to reforming the governance of international financial organisations. In particular, they want a new formula for the distribution of quotas within the IMF that better reflects the reality of the economic weight of member countries to be presented “by 15 December 2023”.
See the Bali Declaration of the G20 countries: https://aeur.eu/f/437 (Original version in French by Mathieu Bion)