This follows last month’s G20 New Delhi Leaders’ Declaration that urged the IMF and the World Bank to support efforts at enhancing domestic resource mobilisation in emerging markets and developing economies.
During the meeting with International Monetary Fund (IMF) managing director Kristalina Georgieva on the sidelines of the annual meetings of IMF and World Bank, in Marrakech, Morocco, Sitharaman thanked IMF for support during the G20 India Presidency.
She also appreciated IMF’s role in the policy work for crypto assets and the related G20 road map for global coordination within and beyond G20 countries, the finance ministry said in a statement.
Sitharaman also conveyed India’s readiness to support the IMF’s agenda in 2024 within and beyond G20-related work.
Two-pillar tax framework
On the sidelines of the 4th G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, a high-level panel discussed the broad agenda for capacity building in relation to the two-pillar international tax package.
The panel, comprising finance deputies from Indonesia, the UK, the UN and the World Bank, highlighted the feasibility and potential impact on developing countries of strategic responses, such as the adoption and design of optional provisions in the two-pillar package, the use of simplified approaches to protect the corporate tax base, and redesign of investment tax incentives.
Revenue secretary Sanjay Malhotra asserted that intensive capacity-building initiatives are imperative for the effective implementation of the two-pillar international tax package.
Manal Corwin from OECD discussed the OECD’s plan to help developing countries implement the two-pillar package.
