ProMASS News Bureau: Sep 06, 2016: Leaders from the world’s top economies G20 have pledged to continue to work for a globally fair and modern international tax system, foster growth and refrain from competitive devaluation of currencies. A communiqué released after the summit said, the leaders pledged to continue the work on addressing cross-border financial flows derived from illicit activities, including deliberate trade mis-invoicing, which hampers the mobilisation of domestic resources for development.
AIR correspondent reports that the leaders vowed that they will go ahead on the ongoing co-operation on Base Erosion and Profit Shifting, BEPS, exchange of tax information, tax capacity-building of developing countries and tax policies to promote growth and tax certainty.
The leaders said, they are determined to use all policy tools to achieve the goal of strong, sustainable, balanced and inclusive growth. The leaders said that Britain’s vote to exit the European Union added uncertainty to the global economic outlook but G20 economies were well positioned to deal with the economic and financial fallout.
The G20 group agreed at the summit that refugees are a global issue and the burden must be shared. The group called for strengthening humanitarian assistance for refugees and invited all states to ramp up aid according to their individual capacity to international organisations assisting affected countries.
