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UAE participates in 4th G20 Finance Ministers and Central Bank Governors Meeting; UAE ministers stress importance of ensuring international tax package is well prepared for effective and efficient implementation
A participant walks out of the 2022 Annual Meeting of the International Monetary Fund and World Bank Group. — Associated Press
Finance Minister Mohammad Hadi Husseini participated in the fourth meeting of G20 finance ministers and central bank governors in Bali, Indonesia, on October 12-13.
The meeting took place on the sidelines of the 2022 IMF-World Bank Group Annual Meeting to review the latest developments in the global economy and an update on the implementation of the priorities set by the President of Indonesia.
Younis Haji Al Khoori, Deputy Minister of Finance; and Ali Abdullah Sharafi, Assistant Deputy Minister of International Financial Relations, Ministry of Finance; attended the meeting along with G20 members, invited countries and international organizations.
The meeting aims to preview the latest economic developments, with a focus on compounding risks to financial stability and potential actions the G20 should take to lead the international community on such challenges.
Hosseini thanked the Indonesian President for mobilizing efforts to meet growing challenges in the food and agricultural markets.
“We must work together to address rising inflationary pressures to support financial stability, especially for low-income countries. We must work closely together to advance multilateral cooperation on climate action, energy security and economic growth,” he said.
Members discussed developments in financial legislation and policy. In his remarks, Al Hussaini emphasized the need to ensure that the financial system has adequate buffers against volatility in capital flows, and emphasized the role of digital currencies in shaping the future of the international financial system in the context of comprehensive cross-border legislation.
On infrastructure and how best to use private sector engagement to scale up sustainable infrastructure, Al Hussaini stressed the need to continue to exchange expertise and policies for scaling up sustainable infrastructure investment.
He also previewed the UAE’s new public-private partnership (PPP) law, which aims to encourage private sector investment in mixed-use development projects.
Regarding sustainable finance, Al Hussaini said in his intervention: “To achieve our commitment to achieve net zero emissions by 2050, the UAE is actively developing the sustainable finance landscape. Our journey in the UAE is guided by the Sustainable Finance Roadmap. approach, which we see as a major contributor to advancing the 2030 Agenda for Sustainable Development in line with the UN Framework Convention on Climate Change and the Paris Agreement. As host country for next year’s upcoming COP28, the UAE’s main focus will be on increasing access to fragile states Invest internationally and support their access to sustainable financing, and we look forward to working with the G20 and our international partners to achieve these goals.”
Finally, the Minister and the Central Bank Governor discussed the development of international taxation and the Base Erosion and Profit Shifting (BEPS) project.
Al Hussaini emphasized that one of the pillars of the project should be to design a solution that adequately addresses the issues of manageability and tax certainty, stressing the need to recognize the priorities of the various country profiles and achieve a balanced and satisfactory compromise.
With regard to Pillar Two, he mentioned the importance of ensuring the simplicity of the taxation process currently under discussion in the Organisation for Economic Co-operation and Development (OECD) and the need to consider the impact of different implementation timetables on the competitiveness of countries.
The UAE Minister stressed the importance of ensuring that the international tax package is adequately prepared for effective and efficient implementation. — Ten thousand
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