G20 leaders decide to swiftly implement global tax reform

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digital economy taxation and a global minimum corporate tax rate, the leaders said in the New Delhi Summit Declaration that was adopted by member countries. "We reaffirm our commitment to continue cooperation towards a globally fair, sustainable and modern international tax system appropriate to the needs of the 21st century. We remain committed to the swift implementation of the two-pillar international tax package.

," the declaration said. Leaders said that significant progress has been made on one of the key components of the global tax reform, called ‘pillar one’ including the delivery of a text of a Multilateral Convention (MLC). This multilateral tax document is expected to be ready for signature in the second half of 2023.

Separately, work is also progressing on other elements of tax reform, under 'pillar two.' "We welcome the steps taken by various countries to implement the Global Anti-Base Erosion (GloBE) Rules as a common approach. We recognize the need for coordinated efforts towards capacity building to implement the two-pillar international tax package effectively and, in particular, welcome a plan for additional support and technical assistance for developing countries," the leaders' declaration said. The leaders also called for swift implementation of a Crypto-Asset Reporting Framework (CARF), while acknowledging the work done on exchange of information for tax purposes.