![]() ![]() ![]() We note the OECD report on Developing Countries and the OECD/G20 Inclusive Framework on BEPS identifying developing countries' progress made through their participation in the OECD/G20 Inclusive Framework on BEPS and possible areas where domestic resource mobilisation efforts could be further supported. ![]() We welcome the Organisation for Economic Co-operation and Development (OECD) report on Tax and Fiscal Policies after the COVID-19 Crisis. We call on the OECD/G20 Inclusive Framework on BEPS to swiftly develop the model rules and multilateral instruments as indicated in and according to the timetable provided in the Detailed Implementation Plan, with a view to ensure that the new rules will come into effect at global level in 2023. This agreement will establish a more stable and fairer international tax system. This can include exploring the development of coordination arrangements between Finance and Health Ministries that recognise the crucial leadership role of the World Health Organization in the international health work.Īfter the historic agreement reached in July on the key components of the two pillars on the reallocation of profits of multinational enterprises and an effective global minimum tax, we endorse the final political agreement as set out in the Statement on a two-pillar solution to address the tax challenges arising from the digitalisation of the economy and in the Detailed Implementation Plan, released by the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) on 8 October. We look forward to discussing concrete proposals at the Joint G20 Finance and Health Ministers' meeting on 29 October to strengthen future pandemic PPR and improve international governance, financing and coordination between global health and finance policy makers. ![]() We reaffirm our support to all collaborative efforts, most notably including the Access to COVID-19 Tools Accelerator (ACT-A) and its COVAX Facility, and underline the need to address the financing gaps of all ACT-A pillars. We recognise the role of COVID-19 immunisation as a global public good. We will strive to help address the bottlenecks and shortages of COVID-19 tools in low- and middle-income countries over the coming months, reaffirming our commitment to ensuring a safe, equitable and affordable access to vaccines, therapeutics and diagnostics. We thank the Multilateral Leaders Task Force for its efforts and encourage it to work to accelerate access to and on-the-ground delivery of COVID-19 tools. We remain determined to bring the pandemic under control everywhere as soon as possible, and welcome efforts towards pandemic prevention, preparedness and response (PPR), including commitments made in the Declaration of G20 Health Ministers. We reaffirm the important role of open and fair rules-based trade in restoring growth and job creation and our commitment to fight protectionism, and encourage concerted efforts to reform the World Trade Organization. We confirm our April 2021 commitments on exchange rates. We reaffirm our commitment to advancing the forward-looking agenda set in the G20 Action Plan to steer the global economy toward strong, sustainable, balanced and inclusive growth, as updated in April 2021, and welcome the Fourth Progress Report (Annex I). They will act as needed to meet their mandates, including price stability, while looking through inflation pressures where they are transitory and remaining committed to clear communication of policy stances. Central banks are monitoring current price dynamics closely. We will continue to sustain the recovery, avoiding any premature withdrawal of support measures, while preserving financial stability and long-term fiscal sustainability, and safeguarding against downside risks and negative spillovers. We reaffirm our resolve to use all available tools for as long as required to address the adverse consequences of COVID-19, in particular on those most impacted, such as women, youth and informal and low-skilled workers, and on inequalities. However, the recovery of economic activity remains highly divergent across and within countries and exposed to downside risks, in particular the possible spread of new variants of COVID-19 and uneven vaccination paces. In the last months, the global recovery has continued at a solid pace, underpinned by the roll out of vaccines and continued policy support.
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