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State Secretary of Finance Fuchs represents the European Council at G20 Focus on digital tax during the Austrian presidency

From 19 to 22 July 2018 the finance ministers and central bank governors of the 20 most important industrial and developing nations (the G20) are meeting in Buenos Aires, Argentina, to discuss challenges and opportunities for the economic and finance system. With Austria holding the presidency of the European Council, State Secretary of Finance Dr. Hubert Fuchs will represent the European Council. In the course of the G20 meeting a final communiqué on the following subjects is to be approved: the future of work, investment in infrastructure, issues around risks and opportunities for the world economy, international taxation and international financial architecture.

This is the first time that the G20 summit, the world’s most important forum for international economic cooperation, is being held in South America. State Secretary of Finance Fuchs, as a strong voice for the European Council, will also speak in favour of one of the central concerns of the Austrian presidency: the idea of a digital tax as a transitional solution or a digital permanent establishment as a long-term solution. 

New allies in favour of the introduction of digital taxation

“Global themes and issues require close international agreement. The taxation of digital enterprises is one of the key questions of our time, and one which can only be answered by the largest possible alliance of countries. It is therefore one of the aims of the Austrian EU presidency, which we will also be pursuing in the context of the G20 meeting, to find allies in favour of the introduction of digital tax,” says Fuchs.

Double taxation agreement with Argentina

The State Secretary of Finance will also have a bilateral meeting with representatives of the Argentinian Finance Ministry in order to renegotiate the double taxation agreement between Austria and Argentina, which expired on 1.1.2009. “This is intended to ensure legal certainty for Austrian companies operating in Argentina, and to create a basis for more intensive trade relations between our two countries,” says Fuchs.