Finance Minister Nirmala Sitharaman today participated virtually in the G20 High-Level Tax Symposium on tax policy and Climate Change. The Symposium was organised by G20 Italy, ahead of the 3rd G20 Finance Ministers and Central Bank Governors Meeting.
Speaking at the virtual session, Ms Sitharaman highlighted that in India, fiscal policy options are used for better environmental outcomes and concessional tax rates are in place to promote use of renewables. She shared India’s innovative policy mix for better environmental outcomes such as new energy map of India, digital innovation and emerging fuels, solar alliance for enabling clean energy, promotion of energy efficiency and afforestation.
She emphasised on the role of technology in fighting climate change.
The high level symposium was held ahead of the third G20 finance ministers and central bank governors meeting which is taking place in Venice during July 9-10.
Global tax reform will be the top of the agenda for the G20 finance ministers and central bankers as the world’s leading economies have agreed to levy a minimum global tax of 15%, while ensuring that multinational companies pay their fair share of tax.
The minimum rate of tax, agreed upon by 131 countries on July 1, is one of the two pillar of global tax reform which has been under negotiations for years.