ITIC regularly monitors the G-20 Meeting of Finance Ministers and Central Bank Governors. The group met on 22-23 July 2016 in Chengdu, China. Please see the link to Bloomberg News for the full text of the communique that was issued on 24 July. A number of key fiscal issues that are of interest to ITIC’s sponsors – and relevant to our programs, working groups, and regional tax forums – were discussed.
The IMF’s Fiscal Monitor April 2016 (“Acting Now, Acting Together”) looks at fiscal policies for innovation and growth. Fiscal policy can promote growth in productivity by encouraging innovation.
The global recovery is slowing and fiscal risks are rising. Public debt ratios are being revised upward and the largest revisions are in emerging market and middle income economies. Commodity exporters, including the oil exporters of the Middle East and North Africa, have been hit hard, and advanced economies have high levels of public debt, low inflation and sluggish growth. Continue reading “IMF Considers Fiscal Policies for Innovation and Growth”
Tax issues formed part of the discussion at the G20 Finance Ministers meeting in Shanghai on 26-27 February. As indicated in the final Communique, Paragraph 7 makes several points in support of broad, consistent and effective implementation of the BEPS project, including:
- Commitment to a consistent global approach, and encouragement to non-G20 countries, especially developing countries, to join in the OECD designed framework (see below).
- Awareness of the specific challenges faced by developing countries in BEPS implementation and support for building capacity for such countries.