Influencing international tax discussions to boost domestic tax revenue will be the main focus of this year’s Commonwealth Finance Ministers Meeting.
Influencing international tax discussions to boost domestic tax revenue will be the main focus of this year’s meeting of Commonwealth finance ministers. The Finance Minister of the Republic of South Africa, Nhlanhla Nene, will chair the discussions.
Ministers will discuss a proposal for a Commonwealth platform that could allow for a more inclusive political discussion about international taxation. One of the main challenges to be considered will be protecting countries’ tax bases in light of globalisation and detrimental corporate tax planning practices.
José Ángel Gurría Secretary-General of the Organisation for Economic Co-operation and Development (OECD) will deliver the keynote address and update ministers on actions taken by the G20 and OECD to enhance transparency in the fight against tax evasion.
These global initiatives and related tax issues present different challenges for Commonwealth countries. Ministers will consider the proposal to form a Commonwealth working group which will seek to ensure the perspectives of developing member states are taken into account in international tax policy decisions.
Other topics of discussion in the meeting will include new emerging sources of infrastructure finance, an area in which the Commonwealth has taken a lead, and a progress report on the Commonwealth Small States Trade Financing Facility.
Senior officials will meet ahead of the ministerial meeting to tackle two main policy issues: realising the development potential of remittance flows and global oil prices.
Central Bank Governors will also meet the day before to discuss international and national policy actions that can be taken to protect the flow of remittances to developing countries. This is in light of ‘de-risking’ actions being made by large international banks, which involves closing down the bank accounts of money transfer operators across the globe.
Outcomes of these two meetings will feed into the ministerial agenda.
A press conference will take place on 8 October from 11:30 – 12:00 at the Lima Convention Centre. IMF accredited journalists are welcome to attend.
Please contact Hannah Murphy in the Commonwealth Secretariat press office to reserve a place, [email protected]
