SAU, Alm.del - 2019-20 - Endeligt svar på spørgsmål 279: Spm. om at oplyse, om Japans position i OECD i relation til beskatning af den digitale økonomi, til skatteministeren

Skatteudvalget 2019-20
SAU Alm.del
Offentligt

Communiqué

G20 Finance Ministers & Central Bank Governors Meeting

22-23 February 2020, Riyadh, Saudi Arabia

Realizing

Opportunities of the

Century for All

After signs of stabilization at the end of 2019, global economic growth is expected to pick up

modestly in 2020 and 2021. The recovery is supported by the continuation of accommodative

financial conditions and some signs of easing trade tensions. However, global economic growth

remains slow and downside risks to the outlook persist, including those arising from geopolitical

and remaining trade tensions, and policy uncertainty. We will enhance global risk monitoring,

including of the recent outbreak of COVID-19. We stand ready to take further action to address

these risks.

We remain committed to use all available policy tools to achieve strong, sustainable, balanced and

inclusive growth, and safeguard against downside risks, while implementing structural reforms to

enhance our growth potential. Fiscal policy should be flexible and growth-friendly while ensuring

debt as a share of GDP is on a sustainable path. Monetary policy should continue to support

economic activity and ensure price stability, consistent

with central banks’ mandates. We

reemphasize that international trade and investment are important engines of growth, productivity,

innovation, job creation and development. We reaffirm the conclusions of our Leaders on trade

and investment at the Osaka Summit. We will continue to take joint action to strengthen

international cooperation and frameworks. We also reaffirm our exchange rate commitments made

in March 2018. We will continue to monitor and as necessary continue to tackle financial

vulnerabilities. We also reaffirm our commitment to ensure a stronger global financial safety net

with a strong, quota-based, and adequately resourced IMF at its center.

We are facing a global landscape that is being rapidly transformed by economic, social,

environmental, technological and demographic changes. Our collective work should strive to

foster sustainable development and growth, and create the conditions in which all people can live,

work and thrive. An inclusive approach to growth can better harness untapped economic potential,

help address inequality and empower all segments of society, especially women and youth.

Therefore, we agree to develop a menu of policy options that countries can draw from to enhance

access to opportunities for all.

Infrastructure is a driver of economic growth and prosperity, which can be further enhanced

through technology. The potential benefits of more widespread use of technology in infrastructure

are substantial. It improves investment decisions over the lifecycle, enhances value for money of

infrastructure projects, and improves the efficiency in building, operating and maintaining quality

infrastructure for the delivery of better social, economic and environmental outcomes. We agree

to develop an Infrastructure Technology (InfraTech) Agenda to support the utilization of

technology in infrastructure. We reaffirm our previous commitments and efforts, and we will

advance our work towards our strategic direction and high aspiration as outlined in the G20

Principles for Quality Infrastructure Investment. We will also continue to advance the

implementation of the Roadmap to Infrastructure as an Asset Class, including a focus on the

regulatory framework for private sector participation in infrastructure investment.

Accelerating efforts to develop domestic capital markets is essential to support growth and

enhance financial resilience and inclusion. We welcome the joint note of the International

Monetary Fund (IMF) and the World Bank Group (WBG) on recent developments on local

currency bond markets in emerging economies and welcome the stepping up of the ongoing efforts

SAU, Alm.del - 2019-20 - Endeligt svar på spørgsmål 279: Spm. om at oplyse, om Japans position i OECD i relation til beskatning af den digitale økonomi, til skatteministeren

Communiqué

G20 Finance Ministers & Central Bank Governors Meeting

22-23 February 2020, Riyadh, Saudi Arabia

Realizing

Opportunities of the

Century for All

on developing domestic capital markets, especially in emerging markets and developing

economies, taking into account country-specific circumstances.

We take positive note of the progress made in following up on the G20 Eminent Persons Group

(EPG) proposals, recognizing their multi-year nature. We endorse the G20 Reference Framework

for Effective Country Platforms and look forward to an update by Multilateral Development Banks

(MDBs) on progress achieved in implementing country-owned pilot platforms in developing

countries, including in fragile states. We encourage the implementation of the cooperation

agreements between the Multilateral Investment Guarantee Agency (MIGA) and other MDBs to

enhance the role of political risk insurance in development finance for a stronger mobilization of

private sector resources. In this context, we welcome the Co-Guarantee Platform between the

Islamic Development Bank and the African Development Bank. We reiterate our continued

support for the Compact with Africa (CwA), with enhanced roles for participating international

organizations (WBG, AfDB, IMF) in implementation and strengthened bilateral engagement by

G20 partners.

We reiterate the importance of joint efforts undertaken by both borrowers and creditors, official

and private, to improve debt transparency and sustainability and encourage further efforts to

address debt vulnerabilities. In this regard, we look forward to the IMF-WBG update on the

implementation of their multipronged approach for addressing emerging debt vulnerabilities,

including an update on their work to deepen analysis of collateralized financing practices, in the

context of the review of the IMF’s Debt Limits Policy and WBG’s Sustainable Development

Finance Policy. We urge the IMF, WBG, and other MDBs to continue their efforts to strengthen

borrowers’ capacity in the areas of debt recording, monitoring, and reporting, debt management,

public financial management and domestic resource mobilization. We will advance the discussion

on the issues highlighted by the IMF-WBG note on the implementation of the G20 Operational

Guidelines for Sustainable Financing. We also look forward to an update on the implementation

of Institute

of International Finance’s Voluntary Principles for Debt Transparency, including on

work to identify a data repository. We support ongoing work by the IMF, WBG, and Paris Club

on Low-Income Countries (LICs) debt, and the continued efforts of the Paris Club towards the

broader engagement of emerging creditors.

We welcome the recent progress made on addressing the tax challenges arising from the

digitalization of the economy. We endorse the Outline of the Architecture of a Unified Approach

on Pillar One as the basis for negotiations and welcome the Progress Note on Pillar Two, both of

which were agreed by the G20/OECD Inclusive Framework on Base Erosion and Profit Shifting

(BEPS). We encourage further progress on both Pillars to overcome remaining differences and

reaffirm our commitment to reach a consensus-based solution with a final report to be delivered

by the end of 2020. We stress the importance of the G20/OECD Inclusive Framework on BEPS

agreeing on the key policy features of a global and consensus-based solution by July 2020, which

would form the basis of a political agreement. We reiterate the importance of international

cooperation to complete this work and ensure tax certainty. We welcome the progress made on

implementing the internationally agreed tax transparency standards. We take note of the updated

G20/OECD list of jurisdictions that do not comply with such standards. Defensive measures

against listed jurisdictions will be considered. We continue to support tax capacity building in

SAU, Alm.del - 2019-20 - Endeligt svar på spørgsmål 279: Spm. om at oplyse, om Japans position i OECD i relation til beskatning af den digitale økonomi, til skatteministeren

Communiqué

G20 Finance Ministers & Central Bank Governors Meeting

22-23 February 2020, Riyadh, Saudi Arabia

Realizing

Opportunities of the

Century for All

developing countries, including coordinating through the Platform for Collaboration on Tax. We

call on all jurisdictions to sign and ratify the Multilateral Convention on Mutual administrative

Assistance in Tax Matters.

An open and resilient financial system, grounded in agreed international standards, is crucial to

support sustainable growth. We remain committed to the full, timely and consistent

implementation of the agreed financial reforms. We continue to evaluate the effects of reforms

and look forward to the Financial

Stability Board (FSB)’s evaluation of the effects of Too-Big-

To-Fail reforms. We will continue to identify, monitor and, as necessary, address vulnerabilities

and emerging risks to financial stability, including those related to non-bank financing. According

to the circumstances, macro-prudential policies can be part of the toolkit. We will continue to

work to address unintended, negative effects of market fragmentation, including through

regulatory and supervisory cooperation. We will also continue our efforts to enhance cyber

resilience and look forward to the FSB’s toolkit of effective practices for cyber-incident

response

and recovery. We continue to monitor and address the causes and consequences of the withdrawal

of correspondent banking relationships,

and issues in remittance firms’ access to banking services.

Mobilizing sustainable finance and strengthening financial inclusion are important for global

growth and stability. The FSB is examining the financial stability implications of climate change.

We welcome private sector participation and transparency in these areas.

We emphasize that markets need to transition away from LIBOR to alternative reference rates

before end-2021. Therefore, urgent work is needed by the private sector, supported by the public

sector, to manage this transition, given the risks that may arise if parties are insufficiently prepared

for the expected discontinuation of widely used LIBOR benchmarks. Given the short time

remaining for this transition to take place, substantial progress is needed in 2020 to address the

potential financial stability risks. We ask the FSB to identify remaining challenges to benchmark

transition by July 2020 and to explore ways to address them.

We reiterate our view that technological innovations can deliver significant benefits to the

financial system and the broader economy and we support the work on framing supervisory and

regulatory issues for the digital era. Accordingly, we welcome the inclusive approach of utilizing

the FSB’s regional consultative

groups, involving also the respective financial regulation standard

setters, to consider the implications associated with the growing entry of BigTech in finance. We

also ask the FSB to report on the different approaches to technology-enabled-solutions for

regulation and supervision (RegTech and SupTech). We remain vigilant to potential risks arising

from financial innovations, including those risks related to financial stability, consumer and

investor protection, anti-money laundering (AML) and countering the financing of terrorism

(CFT) as well as their macroeconomic implications, including monetary sovereignty issues.

Building on the 2019 Leaders’ Declaration, we urge countries to implement the recently adopted

Financial Action Task Force (FATF) standards on virtual assets and related providers. We reiterate

our statement in October 2019 regarding the so-called

‘global stablecoins’ and other similar

arrangements that such risks need to be evaluated and appropriately addressed before they

commence

operation, and support the FSB’s efforts to develop regulatory recommendations with

respect to these arrangements. To that end, we look forward to reports by the FSB, IMF, and the

FATF and welcome the FATF’s statement that its AML/CFT standards apply. We

recognize the

SAU, Alm.del - 2019-20 - Endeligt svar på spørgsmål 279: Spm. om at oplyse, om Japans position i OECD i relation til beskatning af den digitale økonomi, til skatteministeren

Communiqué

G20 Finance Ministers & Central Bank Governors Meeting

22-23 February 2020, Riyadh, Saudi Arabia

Realizing

Opportunities of the

Century for All

need to enhance global cross-border payment arrangements to facilitate lower-cost and swifter

transfers, including for remittances. We ask the FSB, in coordination with the Committee on

Payments and Market Infrastructures (CPMI) and other relevant standard-setting bodies and

international organizations, to develop a roadmap to enhance global cross-border payment

arrangements by October 2020.

We support the Global Partnership for Financial Inclusion (GPFI)’s emphasis on digital financial

inclusion of underserved groups, especially women and youth, and small and medium-sized

enterprises (SMEs). We welcome the progress on streamlining the GPFI work program and

structure and ask the GPFI to update its Terms of Reference as per the endorsed “A Roadmap

2020”.

We reaffirm our support for the FATF, as the global AML and CFT standard-setting body for

preventing and combating money laundering, terrorist financing and proliferation financing. We

reiterate our strong commitment to tackle all sources, techniques and channels of these threats.

We reaffirm our commitment to strengthening the FATF’s global network of regional bodies,

including by supporting their expertise in mutual evaluations, and call for the full, effective and

swift implementation of the FATF standards worldwide. We support the ongoing actions by the

FATF to strengthen the global response to proliferation financing. We ask the FATF to remain

vigilant with respect to emerging financial technologies that may allow for new methods of illicit

financing. We look forward to the FATF’s Strategic Review.

SAU, Alm.del - 2019-20 - Endeligt svar på spørgsmål 279: Spm. om at oplyse, om Japans position i OECD i relation til beskatning af den digitale økonomi, til skatteministeren

Communiqué

G20 Finance Ministers & Central Bank Governors Meeting

22-23 February 2020, Riyadh, Saudi Arabia

Realizing

Opportunities of the

Century for All

Annex I: Issues for Further Actions.

•

We ask the Framework Working Group to report on the enhanced discussion of risk and

prepare a menu of policy options to enhance access to opportunities for all

–

July 2020,

and we look forward to the joint note of the IMF-WBG and the OECD report on enhancing

access to opportunities for all

–

June 2020.

We look forward to a report from the G20/OECD on collaboration with institutional

investors and asset managers with the aim of scaling up private investment in infrastructure

–

July 2020.

We look forward to a G20 reference note on fiscal risks and PPPs relating to infrastructure

to be delivered by the IMF

–

July 2020.

We ask the IWG to develop the InfraTech Agenda with the aim of harnessing the benefits

of technology in infrastructure and delivering efficient, connected, automated, resilient and

agile assets, supported by GIH, WBG, OECD and other IOs.

We look forward to the digital infrastructure use cases library, the value capture creation

typology, and policy toolkit being provided by the GIH and the WBG to support the

InfraTech Agenda delivery

–

June 2020.

We ask the GIH to collect and showcase quality projects and case studies from members

for promoting the benefit and successful implementation of the G20 Principles for Quality

Infrastructure Investment

–

Second half of 2020.

We look forward to an interim progress report by IFC on Quality Infrastructure Investment

Framework Note to facilitate member-led input on possible indicators consistent with

national circumstances

–

June 2020.

We ask the International Financial Architecture Working Group (IFA WG) to consider

ways to strengthen and accelerate efforts to help countries develop domestic capital

markets, including through a Multi-Methods approach.

We look forward to a stock-take from MDBs on best practices and potential cooperation

among them to further enhance the role of political risk insurance in development finance

–

June 2020. We look forward to an update by the IFA Working Group on the status of

implementation of the G20 Action Plan to Optimize Balance Sheets, including the

Hamburg Principles and Ambitions on crowding-in private finance

–

October 2020.

We look forward to a note reviewing developments and challenges associated with the

contractual approach to debt resolution to be provided by the IMF

–

June 2020.

We look forward to the annual progress report from the G20/OECD Inclusive Framework

on BEPS, with developments in the global implementation of the BEPS measures covering

the period from June 2019 to June 2020

–

July 2020.

We look forward to the progress report from the Platform for Collaboration on Tax,

including the toolkits addressing international taxation issues for developing countries,

•

SAU, Alm.del - 2019-20 - Endeligt svar på spørgsmål 279: Spm. om at oplyse, om Japans position i OECD i relation til beskatning af den digitale økonomi, til skatteministeren

Communiqué

G20 Finance Ministers & Central Bank Governors Meeting

22-23 February 2020, Riyadh, Saudi Arabia

Realizing

Opportunities of the

Century for All

progress with the development of Medium-Term Revenue Strategies, and related

workshops

–

July 2020.

•

We look forward to developments on tax certainty, including the OECD International

Compliance Assurance Programme, and other related initiatives

–

October 2020.

We ask the FSB, in coordination with CPMI and other relevant standard setting bodies and

international organizations, to develop a roadmap to enhance global cross-border payment

arrangements

–

October 2020.

We ask the FSB to deliver a follow-up report on the growing entry of BigTech in finance,

building on its December 2019 report: “BigTech in Finance: Market Developments and

Potential Financial Stability Implications”, with a focus on the perspective of emerging

markets and developing economies

–

July 2020.

We ask the FSB to deliver a report on the range of practices in the use of RegTech and

SupTech

–

July 2020.

We ask the FSB to provide a report on remaining challenges to benchmark transition based

on the results of the survey on exposures to LIBOR and supervisory measures to address

benchmark transition issues from jurisdictions in the Basel Committee on Banking

Supervision (BCBS) and in the FSB and its Regional Consultative Groups

–

July 2020.

We ask the FSB to update the G20 on work to address harmful market fragmentation

–

October 2020.

We look forward to the consultation report from the FSB on addressing regulatory issues

of so-called

‘global stablecoins’ –

April 2020, a report from the IMF on the

macroeconomic implications including monetary sovereignty in its member countries

–

July 2020, and a report from the FATF on the risks to AML and CFT– July 2020.

We ask the GPFI to develop high-level policy guidelines on digital financial inclusion for

women, youth and SMEs and the 2020 Financial Inclusion Action Plan (FIAP)

–

July

2020.

•

SAU, Alm.del - 2019-20 - Endeligt svar på spørgsmål 279: Spm. om at oplyse, om Japans position i OECD i relation til beskatning af den digitale økonomi, til skatteministeren

Communiqué

G20 Finance Ministers & Central Bank Governors Meeting

22-23 February 2020, Riyadh, Saudi Arabia

Realizing

Opportunities of the

Century for All

Annex II: Reports and Documents Received.

Global Economy:

•

Surveillance Note, the IMF, February 2020.

Infrastructure Investment:

OECD Survey of Large Pension Funds and Public Pension Reserve Funds.

International Financial Architecture (IFA):

The G20 Reference Framework for Effective Country Platforms, the G20 IFA Working

Group.

IMF-WBG Note on Recent Developments on Local Currency Bond Markets in Emerging

Economies.

IMF-WBG Note on Public Sector Debt Definitions and Reporting in Low-Income

Developing Countries.

IMF-WBG Note on Collateralized Transactions Key Considerations for Public Lenders

and Borrowers.

International Taxation:

•

The OECD Secretary General Report to the G20 Finance Ministers and Central Bank

Governors on Tax, Riyadh, Kingdom of Saudi Arabia, February 2020.

The FSB’s Chair Letter to the

G20 Finance Ministers and Central Bank Governors,

Riyadh, Kingdom of Saudi Arabia, February 2020.

FSB’s Note on Transition of Interest Rate Benchmarks.

FSB’s Note on the Workplan for the Roadmap to Enhance Cross-Border

Payments.

G20 Action Plan on SME Financing: Credit Infrastructure Country Self-Assessment

Consolidated Progress Report 2019.

Financial Regulations:

•

Global Partnership for Financial Inclusion: