: Finance Ministers & Central Bank Governors of BRICS meet to discuss post Covid challenges #FinanceIndia #StockMarketNEWS New Delhi, Nov 10 (KNN) Union Minister for Finance & Corporate Affairs

@StockMarketNEWS Thu 12 Nov, 2020

Posted in: #FinanceIndia #StockMarketNEWS

Finance Ministers & Central Bank Governors of BRICS meet to discuss post Covid challenges #FinanceIndia #StockMarketNEWS
New Delhi, Nov 10 (KNN) Union Minister for Finance & Corporate Affairs Nirmala Sitharaman has supported consensus solution on the issue of taxation of digital economy.

The finance minister on Monday participated in the 1st BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting under the BRICS Russian Chairmanship.

While addressing the meeting, the finance minister said “a consensus solution will play an important role in ensuring fairness, equity and sustainability of tax systems”, on the issue of taxation of digital economy.

The agenda of the meeting included discussions on the outcomes of G20 Saudi Presidency in 2020, a digital platform to encourage infrastructure investments and expansion of the membership of the New Development Bank.

The Finance Minister observed that the G20, of which all BRICS countries are members, has delivered some very significant initiatives this year including the G20 Action Plan in response to COVID-19 which has provided broad guidance to navigate a collective global response to the crisis.

Additionally, the G20 Debt Service Suspension Initiative ensured immediate support to address the liquidity needs of low-income countries. She further noted that BRICS members have played an important role in ensuring that concerns of emerging economies are appropriately reflected in these initiatives.

The BRICS Finance Ministers and Central Bank Governors also discussed expansion of the membership of the New Development Bank (NDB). The Finance Minister supported the expansion of the membership of NDB and emphasised the importance of regional balance.

She shared her perspective on Russia’s initiative to develop an integrated Digital Platform (Data Room).