Jakarta - Taxation and Sustainable Finance Working Group (TSFWG) C20 together with the University of Indonesia (UI) FIA Tax Center held a Pre C20 Summit public discussion entitled "Addressing Transparency and Accountability toward Sustainable Finance, Tax Justice and Sofereign Debt Regulation", on Thursday (22/9). ).
On this occasion, TSFWG C20 presented various policy recommendations that would be submitted to G20 members. There are 3 main issues to focus on, including issues of global taxation, sustainable finance and state debt.
TSFWG C20 member, Samira Hanim, on this occasion said that C20 encourages tax policy recommendations in the form of imposition of a wealth tax and accommodates the dimension of gender equality in every tax policy. In addition, G20 countries are also encouraged to commit to using a balanced, transparent and accountable approach to the implementation of carbon taxes and ensuring that the tax burden is borne by producers and consumers fairly.
“In addition, we also recommend policies to support the continuation of the international tax reform agenda. We support the establishment of the United Nations Tax Committee to discuss tax issues that occur in various jurisdictions," said Samira.
Meanwhile, Dwi Rahayu Ningrum as the coordinator of TSFWG C20 added, on the sustainable finance agenda, C20 encourages the development of a framework for financial transition and increases the credibility of financial institution commitments through a just transition, the establishment of a green taxonomy and aligned reporting standards to achieve real zero.
Furthermore, Dwi stated, C20 also encourages policies to increase sustainable financial instruments, with a focus on accessibility and affordability. “The G20 must first ensure the integrity of sustainable financial instruments before increasing their accessibility and affordability. Sustainable and climate financing instruments must include due diligence and verification measures that avoid bogus solutions,” he said.
Finally, on the agenda of sovereign debt treatment, TSFWG C20 has at least two policy recommendations. The first is related to the policy to have strong global financial resilience (state debt treatment), second, the policy to advance the initiative of an effective debt relief mechanism outside the DSSI.
“The G20 must support the needs of all countries (members and non-members) to achieve strong global financial resilience in debt sustainability systems and implement a clear and timely debt restructuring process, uphold human rights, cover all creditors fairly and can cover all low- and middle-income countries,” explained Komang Audina Permana Putri, who is also a member of TSFWG C20.
