G20 finance ministers are discussing global tax reforms, crypto assets, and debt relief

G20 finance ministers convened in Gandhinagar to address various global economic issues, including tax reforms, crypto assets, and debt relief.

One of the key topics discussed was the implementation of global tax norms, aiming to ensure that multinational companies pay their fair share of taxes in every country they operate.

During the meeting, India’s economic affairs secretary, Ajay Seth, highlighted two significant subjects for consideration.

Firstly, he mentioned the forthcoming discussion on the first volume of a report produced by an expert group appointed under the G20.

This report focuses on strengthening multilateral development banks, aiming to enhance their balance sheet strength and boost lending capacity substantially.

The aim is to reform these institutions with regard to their vision, funding requirements, funding modalities, and overall operational coherence.

During their meeting, the finance ministers and central bank governors addressed two crucial points.

Firstly, they emphasized the importance of establishing a globally coordinated framework to regulate and supervise crypto assets.

As part of this effort, a “guidance note” will be discussed during the gathering.

In addition to the crypto asset framework, the group explored the potential for a significant increase in annual loans provided by multilateral institutions to developing countries.

This increase had been previously recommended by an independent panel established in March.

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