The first G20 Finance Ministers and Central Bank Governors meeting (FMCBG) took place on 26-27 February 2025 in Cape Town under South Africa’s Presidency.

There was not consensus for a communique, and this represents the Chair’s summary of the meeting. Generally, members:

1. Expressed support for the G20 South African Presidency’s theme of “Solidarity, Equality and Sustainability” and discussed international policy cooperation to further promote global prosperity and address key shared challenges.

2. Reaffirmed the role of the G20 as the premier forum for international economic cooperation, with a shared and collective responsibility for effective stewardship of the global economy and for fostering the conditions for strong, sustainable, balanced, and inclusive global growth. Resolved to maintain and broaden discussions and foster implementation of concrete policy measures among G20 members and to foster continued cooperation. Reaffirmed efforts to support developing countries in responding to global crises and challenges and achieving the Sustainable Development Goals (SDGs).

A G20 Chair’s summary has been published following the G20 Finance Ministers and Central Bank Governors meeting on 26-27 February 2025 in Cape Town, South Africa.

The summary was issued due to a lack of consensus on a communique.

On international taxation, it notes that G20 members have:

23. Welcomed the broad support for continuing discussions on the international tax agenda. Remained confident that the G20 is the relevant body to ensure that positive momentum on this work is maintained. The South African G20 Presidency invites the OECD/G20 Inclusive Framework (IF) on Base Erosion and Profit Shifting (BEPS), in consultation with international organisations, to report to us by the October meeting on the progress on BEPS; and the OECD in conjunction with the Global Forum on Transparency to take stock of progress on transparency initiatives since the inception of the G20. Noted the progress made on the Two-Pillar Solution. Acknowledged the concerns and the need to respect the sovereignty of each country and supported the swift implementation of the Two-Pillar Solution by all interested jurisdictions, including expeditious completion of negotiations on the final package of Pillar One. Recognising that many countries have made progress in implementing Pillar Two, the South African G20 Presidency calls on the OECD/G20 IF on BEPS, in cooperation with international organisations, to provide country-based specific technical support to developing countries.

24. Raised the issue that developing countries are struggling to mobilise domestic resources and benefit from international tax reforms. Recognised that domestic resource mobilisation is foundational to achieving fiscal sustainability and SDGs. Called on the partners of the Platform for Collaboration on Tax (PCT) and regional organisations to coordinate and report on progress in strengthening capacity-building frameworks to enhance the effectiveness and efficiency of technical assistance, as stated in the Rio de Janeiro G20 Ministerial Declaration on International Tax Cooperation. The IMF is requested, in consultation with the other PCT partners, to compile a report on how to strengthen revenue administrations, as a follow up to its note “Alternate Options for Revenue Mobilisation” to the Brazilian Presidency.

25. Recalling the Rio de Janeiro G20 Ministerial Declaration on International Tax Cooperation, pushed for the OECD/G20 IF on BEPS to work on understanding how tax policies may exacerbate or mitigate inequality, including by discussing potentially harmful tax practices and aggressive tax planning in the field of individual taxation, while respecting the sovereignty of each country. Called on the OECD to report on progress to exchange foreseeably relevant information regarding real estate for combating tax evasion and avoidance purposes on a voluntary basis and to continue the discussion on the access of beneficial ownership information where it is foreseeably relevant. Looked forward to the OECD reporting on its work plan to put forward simplifications, to promote tax certainty and reduce compliance costs while maintaining the integrity of existing tax rules. Mindful of the need for an inclusive, effective and stable international tax system, encouraged continued and constructive engagement with parties in the ongoing discussion on the development of a UN Framework Convention on International Taxation Cooperation with the aim of reaching broad consensus, maximising synergies among the existing international fora, while seeking to avoid unnecessary duplication of efforts.

Earlier, the Organisation for Economic Cooperation and Development (OECD) has published the Secretary-General Tax Report to G20 Finance Ministers and Central Bank Governors (G20 South Africa, February 2025) on 27 February 2025.