The communique issued following the meeting of G20 Finance Ministers and Central Bank governors on 8 and 9 June 2019 covered a number of financial issues of international concern including international tax developments. The Finance Ministers noted the continuing importance of implementing the G20/OECD Base Erosion and Profit Shifting (BEPS) recommendations and the progress made towards a solution to the tax challenges arising from digitalization including the two pillar approach set out in the work program of the OECD’s Inclusive Framework on BEPS. The G20 are giving their support to efforts to reach a consensus on the solution by 2020.

The Finance Ministers also welcomed recent developments relating to tax transparency and the progress made by jurisdictions on automatic exchange of financial account information. The meeting noted the updated list of non-compliant jurisdictions in relation to tax transparency and repeated the G20’s intention to consider taking defensive measures against jurisdictions that did not satisfactorily implement the requirements of tax transparency standards. The communique also called on jurisdictions to sign and ratify the multilateral Convention on Mutual Administrative Assistance in Tax Matters.

On tax capacity building the Finance Ministers reaffirmed their support for the efforts of the Platform for Collaboration on Tax (PCT) in capacity building within tax administrations of developing countries and in assisting efforts towards domestic resource mobilisation.

The communique also welcomed the setting up of the new Asia-Pacific Academy for Tax and Financial Crime Investigation in Japan.