Rio De Janeiro, July 27 (IANS) Finance ministers and central bank presidents of the Group of Twenty (G20) concluded their third meeting in Rio de Janeiro, adopting a joint communique that calls for a more just, stable, and efficient international tax system.
“We acknowledge the urgency and importance of realignment in quota shares to better reflect members’ relative positions in the world economy, while protecting the quota shares of the poorest members,” the communique states, also addressing the development needs and priorities of low- and middle-income countries.
On top of that, it urges reforms of the International Monetary Fund (IMF) and the strengthening of Multilateral Development Banks (MDBs), Xinhua news agency reported.
The G20 Ministerial Declaration on International Tax Cooperation was issued at the meeting and calls for strengthening tax transparency, preventing base erosion and profit shifting, as well as applying progressive taxation to ultra-high-net-worth individuals.
Brazil’s Finance Minister Fernando Haddad, the coordinator of the meeting, said that the release of the joint communique is a victory for the international community after several years.
“The G20 needs to take advantage of the Financial Track to strengthen cooperation mechanisms,” Haddad added.
Brazil has held the rotating presidency of the G20 since last December. During its one-year term, the Brazilian government focuses on three priorities: combating hunger, poverty, and inequality; sustainable development; and global governance reform.
–IANS
int/rs/svn
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
