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G20 to back mid-2021 deadline to wrap up global tax talks: draft

PARIS (Reuters) - G20 finance ministers support wrapping up global talks to update international tax rules for the age of digital commerce by mid-2021, they said in a draft statement for a meeting on Wednesday.

Nearly 140 countries agreed on Friday that they would need to extend the talks beyond a 2020 deadline, which slipped out of reach due the pandemic outbreak and U.S. hesitation before the presidential election.

G20 finance ministers, who hold an online meeting on Wednesday, said that OECD blueprints for a major rewriting of the rules for cross-border taxation offered a “solid basis for future agreement on a global and consensus-based solution”.

“We remain committed to further progress on both pillars and urge the G20/OECD Inclusive Framework ... to address the remaining issues in order to reach a global and consensus-based solution by mid-2021,” they added in the draft statement, seen by Reuters.

Reporting by Jan Strupczewski in Brussels; Writing by Leigh Thomas; Editing by Alison Williams