THE third G20 Finance Minsters and Central Bank Governors meeting, held in Rio de Janeiro, Brazil, on 25-26 July, culminated in an agreed Communiqué and the historic Rio de Janeiro G20 Ministerial Declaration on International Tax Co-operation. 

For the first time in its history, G20 members agreed a Tax Declaration, reflecting the achievements of international tax co-operation to date, acknowledging that the OECD/G20 Inclusive Framework on BEPS “has demonstrated the potential of international tax co-operation over the past decade” and recognising the Two-Pillar Solution as a “resounding success of international taxation co-operation”.

Since the landmark October 2021 Statement, agreed by 139 countries and jurisdictions of the Inclusive Framework on BEPS, to make international tax arrangements fairer and work better in a digitalised and globalised world economy, the commitment and impetus by the G20 to finalise and swiftly implement the Two-Pillar Solution has been crucial.

At the request of the Brazilian G20 Presidency, the OECD provided this meeting of G20 Finance Ministers and Central Bank Governors with an important evidence base with a set of reports to enable robust discussions on the G20’s tax priorities and take stock of the successful results yielded by the international community on tax:

• OECD Secretary-General’s Tax Report, which sets out progress in international tax reform since February 2024, including on the Two-Pillar Solution and on the implementation of the BEPS minimum standards.

• Taxation and Inequality, which explores policy measures to mitigate inequality, focusing on the challenges associated with taxing high-net-worth individuals and proposing enhanced international co-operation between tax administrations. 

• Strengthening Tax Transparency on Real Estate, which proposes improvements such as fast-tracking access to real estate information for tax purposes. 

• Bringing Tax Transparency to Crypto-Assets, which sets out how the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes are ensuring that all relevant jurisdictions implement the Crypto-Asset Reporting Framework according to shared timelines, to deliver an effective tax transparency tool for the international community. 

• Beneficial Ownership and Tax Transparency, which explores best practices, as evidenced by peer reviews, for more efficiently leveraging beneficial ownership information relevant for tax purposes.