Topic: G20

The OECD has said global corporate tax reform plans are well underway with the implementation of a global minimum corporate tax through new legislation in the EU, the UK, Switzerland, Japan, Korea and many other countries.

The managing director of the International Monetary Fund, Kristalina Georgieva, has called for a strong regulatory push tackling crypto assets and failing that even considering a ban.

Gross domestic product in the G20 area fell 0.4% quarter-on-quarter in the second quarter of 2022 after rising 0.5% in the first three months, according to provisional estimates.

Gross domestic product (GDP) of the G20 area grew by 1.7% between the second and the third quarter of 2021, up from a moderate quarter-on-quarter growth rate of 0.4% in the second quarter, according to provisional OECD estimates.

Finance ministers from the world’s largest economies endorsed global OECD-brokered tax reform plans at a meeting in Washington, DC, on Wednesday, 13 Oct.

Growth in the world’s largest economies has slowed in the second quarter of 2021 but there are large differences among the growth rates of individual countries.

The G20 support of the tax deal was expected after 130 members of the OECD Inclusive Framework on BEPS earlier this month joined a new two-pillar plan to reform international tax rules.

The Group of Seven nations on Saturday agreed on a deal for a minimum corporate tax rate of 15%.

With the implementation of COVID-19-containment measures across the world, real gross domestic product in the G20 area has fallen by 3.4% in the first quarter of 2020, exceeding the GDP decline of 1.5% in the first quarter of 2009 at the height of the financial crisis.