Saturday , October 25, 2025 |   04:16:52 IST
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI
About Us Contact Us Newsletters
 
NEWS FLASH
 
TP - While bank guarantees issued by financial institutions to third-party independent entities are distinct in terms of risk profile from corporate guarantees issued between related parties, they are nonetheless functionally comparable: ITAT (See Breaking News) TP - There is no need to demonstrate need/ benefits ripen from any services rendered by AE: ITAT (See Breaking News) I-T - After amendment in Sec 40(a)(i), no disallowance under this section is to be made, if assessee has deposited TDS even in case of non-resident payee before due date of filing of return: ITAT (See Breaking News) TP - Differences in FAR analysis and turnover filter, calls for exclusion of comparable: ITAT (See Breaking News) I-T - If AO who had issued reopening notice u/s 148, was not having jurisdiction on case of assessee, then such notice becomes invalid due to jurisdictional defect: ITAT (See Breaking News) TP - No ALP adjustment with respect provision of non-binding investment advisory services is permitted by adding markup, if assessee was already reimbursed at cost plus 22% basis by its AE for such services: ITAT (See Breaking News) I-T - Payment of transponder service fees are not liable to TDS u/s 195: ITAT (See Breaking News) I-T - AO shall not disallow assessee's claim of payment of Cess by merely observing that expenses claimed in nature of Cess are not allowable as per Sec 40A(ii), without identifying exact nature of such ‘Cess': ITAT (See Breaking News) TP - Market value of power supplied by CPP to industrial unit shall be computed by considering rate at which State Electricity Board supplied power to industrial consumers in open market and not by comparing it with rates sold to Electricity Board: ITAT (See Breaking News) I-T - If AO has applied his discretion and reached plausible conclusion based on material on record, then revisionary authority cannot invoke sec 263 merely because it holds different opinion: ITAT (See Breaking News)
 
TII SEARCH
 
 
   
Home >> News Brief
 

G20 Finance Ministers' Meet bat for adopting two-pillar international tax package; express need to enhance tax transparency
By TII News Service
Apr 14, 2023 , New Delhi

    

THE second meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) under the Indian G20 Presidency was held on April 12-13, 2023, on the margins of the 2023 Spring Meetings of the International Monetary Fund and the World Bank Group. Union Finance Minister Ms Nirmala Sitharaman, and Governor, Reserve Bank of India (RBI), Shaktikanta Das jointly chaired the meeting. The meeting saw participation of around 350 delegates from G20 members, 13 invitee countries, and various international and regional organisations.

The meeting was organised in three sessions covering the Global Economy, International Financial Architecture, Sustainable Finance, Financial Sector, Financial Inclusion, and International Taxation. The goal of this FMCBG meeting was to deliberate on the progress made by the various workstreams of the G20 Finance Track on the deliverables that were tasked to them by the Ministers and Governors in the February G20 FMCBG Chair's Summary and Outcome Document and to seek guidance on the way forward.

During the session on Global Economy and International Financial Architecture, members discussed the key challenges to the global economic outlook, including the war in Ukraine, food and energy insecurity, climate change, and recent risks to financial stability. Members agreed that the G20 can contribute to building a common understanding on fostering a conducive environment for global economic recovery, and ensuring that the most vulnerable countries and sections of the population are adequately protected.

Ministers and Governors also discussed the progress of the implementation of recommendations of the Independent Panel of MDBs' Capital Adequacy Frameworks (CAF). They also shared their expectations from the recently constituted G20 Expert Group on “Strengthening Multilateral Development Banks (MDBs)” . On the debt agenda, discussions focused on strengthening multilateral coordination towards addressing the increasing debt distress in low-income and vulnerable middle-income countries. Ministers and Governors reiterated the need to swiftly complete the ongoing debt treatments under the Common Framework and beyond. Discussions also covered the impact of climate change-related policies on capital flows, among others .

During the second session on Sustainable Finance, Financial Sector, and Financial Inclusion, discussions focussed on the mobilisation of resources for climate change, the role of the multilateral financial institutions in catalysing private finance flows for Sustainable Development Goals and the role of the G20 in scaling up and encouraging wider adoption of social impact investment instruments. Members also deliberated on the macroeconomic and financial challenges posed by the crypto-assets ecosystem and exchanged views on potential global policy responses to crypto-assets, taking into account the risks, especially to Emerging Markets and Developing Economies (EMDEs). On financial inclusion, discussions focused on leveraging Digital Public Infrastructure (DPI) for financial inclusion and productivity gains. Ministers and Governors also shared perspectives on the development of the 2023 Financial Inclusion Action Plan (FIAP).

The third session on International Taxation discussed the need for coordinated efforts toward effective implementation and wider adoption of the two-pillar international tax package. Ministers shared suggestions on how best G20 can complement global efforts to enhance tax transparency.

On the margins of the G20 FMCBG sessions, high-level side events were also held. A meeting of the Global Sovereign Debt Roundtable (GSDR) was also held on April 12, 2023, which was co-chaired by Finance Minister, IMF MD, and World Bank President. The meeting saw discussions on the current global debt landscape and ways to address existing challenges in debt restructuring.

In the run-up to the G20 FMCBG meeting, the G20 Finance and Central Bank Deputies met with the major MDBs on April 12, 2023 to discuss the status of implementation of recommendations of the G20 Independent Panel of MDBs' CAF. These updates will contribute to the preparation of the G20 Roadmap on CAF which will be one of the key deliverables of the Finance Track under the Indian G20 Presidency.

The progress achieved during the 2 nd G20 FMCBG meeting will inform the discussions during the 3 rd G20 FMCBG meeting which will be held in July 2023 in Gandhinagar, India, and subsequently the Leaders' Summit scheduled to be held in New Delhi on September 8-9, 2023.


 

 
 
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI TII
  • DTAA
  • Circulars (I-T Act, 1922)
  • Limited Treaties
  • Other Treaties
  • TIEAs
  • Notifications
  • Circulars
  • Relevant Sections of I-T Rules,1962
  • Instructions
  • Administrative Orders
  • DRP Panel
  • I-T Act, 1961
  • MLI
  • Relevant Portion of I-T Act,1922
  • GAAR
  • MAP
  • OECD Conventions
  • Draft Guidelines
  • DTC Bill
  • Committee Reports
  • FATCA
  • Intl-Taxation
  • Finance Acts
  • Manual on EoI
  • UN Model Taxation
  • Miscellaneous
  • Cost Inflation Index
  • Union Budget
  • Information Security Guidelines
  • APA Annual Report
  • APA Rules
  • Miscellaneous
  • Relevant Sections of Act
  • Instructions
  • Circulars
  • Notifications
  • Draft Notifications
  • Forms
  • TP Rules
  • APA FAQ
  • UN Manual on TP
  • Safe Harbour Rules
  • US Transfer Pricing
  • FEMA Act
  • Exchange Manual
  • Fema Notifications
  • Master Circulars
  • Press Notes
  • Rules
  • FDI Circulars
  • RBI Circulars
  • Reports
  • FDI Approved
  • RBI Other Notifications
  • FIPB Review
  • FEO Act
  • INTELLECTUAL PROPERTY
  • CBR Act
  • NBFC Report
  • Black Money Act
  • PMLA Instruction
  • PMLA Bill
  • FM Budget Speeches
  • Multimodal Transportation
  • Vienna Convention
  • EXIM Bank LoC
  • Manufacturing Policy
  • FTDR Act, 1992
  • White Paper on Black Money
  • Posting Policy
  • PMLA Cases
  • Transfer of Property
  • MCA Circular
  • Limitation Act
  • Type of Visa
  • SSAs
  • EPFO
  • Acts
  • FAQs
  • Rules
  • Guidelines
  • Tourist Visa
  • Notifications
  • Arbitration
  • Model Text
  • Agreements
  • Relevant Portion of I-T Act
  • I-T Rules, 1962
  • Circulars
  • MISC
  • Notification
  • About Us
  • Contact Us
  •  
     
    A Taxindiaonline Website. Copyright © 2010-2025 | Privacy Policy | Taxindiainternational.com Pvt. Ltd. OPC All rights reserved.