G20 leaders affirmed their commitment to international cooperation in the area of tax policy, in a communique released after their July 7–8 summit in Hamburg, Germany, reports MNETax.

“We can achieve more together than by acting alone,” the leaders asserted, stating that their highest priority is “strong, sustainable, balanced, and inclusive growth.”

The leaders said they welcomed international cooperation on pro-growth tax policies. They also pledged to work together to achieve a “globally fair and modern” international tax system.

The leaders again expressed their commitment to the implementation 2015 OECD/G20 base erosion and profit shifting (BEPS) package, which is a series of measures designed to curtail multinational tax avoidance and improve international tax dispute resolution. The G20 leaders urged all countries to join the “BEPS Inclusive Framework,” adopting “minimum standards” devised by OECD and G20 countries in the 2015 BEPS plan.

The G20 leaders also said they were working with the OECD to enhance tax certainty. Tackling the tax challenges raised by digitalisation of the economy is also on the G20’s agenda.

The leaders reiterated their support for assistance to developing countries in building their tax capacity.

The leaders also said they would advance the effective implementation of the international standards on tax transparency and beneficial ownership of legal persons and legal arrangements, including the availability of information in the domestic and cross-border context.

Article compliments IFC Review.