The 2020 G20 Riyadh summit is actively seeking solutions to challenges facing the global economy and alternatives that facilitate business and protect supply chains in the age of digitalization.
G20 countries are supporting the digitalization of the global economy as a means to avert future crises and to ensure the rights of countries challenged by the rapid developments in mechanisms of modern digital technologies.
The summit is also expected to finalize an international tax policy agreement.
The Saudi Minister of Finance Mohammed Al-Jadaan had said that G20 leaders in 2018 committed to tackling the tax challenges arising from the digitization of the economy.
Jadaan also had said that 2020 would represent a key test for tax transparency worldwide.
“It gives us the opportunity to assess what we have achieved collectively in the area of tax transparency and discuss possible ways to encourage further progress, and provides a platform to discuss the way forward to address the tax challenges arising from the digitization of the economy,” he said.
It is noteworthy that G20 states have already achieved major successes in supporting the international community’s fight against tax evasion.
Members of the G20/OECD Global Forum on Transparency and Exchange of Information for Tax Purposes work hard to implement the internationally agreed standards on tax transparency.
As for promoting the digitalization of economies, G20 member states are working to establish a data-based approach and to optimize the usage of digital economy tools.
G20 countries are counted on at this stage to face the challenges that may arise from the digitalization of the global economy. They are responsible for bridging gaps and creating effective policies and strategies with innovation, flexibility, and adaptability.
Preserving the integrity and stability of supply chains also figures high on the group’s list of priorities.
Economic experts believe that digital transformation both in G20 countries and worldwide gives rise to evidence-based policies that can substantially improve the standards of living of all people.
The digitalization of economies also helps in creating high-quality job opportunities.
