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In News
- Recently, the G20 Finance Ministers and Central Bank Governors meeting was held on the sidelines of the annual meetings of the IMF and the World Bank in Washington.
Major Highlights of the meeting
- Simplifying International taxation:
- India has demanded that the international tax rules should be simple, administrable, and generate meaningful revenue in developing countries.
- It called for an effective tax reporting regime and information exchange between jurisdictions for crypto assets to combat offshore tax evasion.
- Need for a private sector participation:
- It is needed in scaling up sustainable and digital infrastructure investments and mobilising finance at sub-national level for inclusive and quality infrastructure.
What Is an International Tax Rule?
Purpose of cross-border tax rules?
Economic Impacts of International Tax Rules?
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Way Forward/ Suggestions
- Collective responsibility: Today’s global economy faces a confluence of challenges and it is the collective responsibility of everyone to prevent the risks from aggravating.
- Common goal of prosperity: G20 has always come together in the harshest global situations setting aside the differences and working towards a common goal of prosperity for the people.
G20
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Source: AIR
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