Rio De Janeiro, July 27 (IANS): Finance ministers and central bank presidents of the Group of Twenty (G20) concluded their third meeting in Rio de Janeiro, adopting a joint communique that calls for a more just, stable, and efficient international tax system.

"We acknowledge the urgency and importance of realignment in quota shares to better reflect members' relative positions in the world economy, while protecting the quota shares of the poorest members," the communique states, also addressing the development needs and priorities of low- and middle-income countries.

On top of that, it urges reforms of the International Monetary Fund (IMF) and the strengthening of Multilateral Development Banks (MDBs), Xinhua news agency reported.

The G20 Ministerial Declaration on International Tax Cooperation was issued at the meeting and calls for strengthening tax transparency, preventing base erosion and profit shifting, as well as applying progressive taxation to ultra-high-net-worth individuals.

Brazil's Finance Minister Fernando Haddad, the coordinator of the meeting, said that the release of the joint communique is a victory for the international community after several years.

"The G20 needs to take advantage of the Financial Track to strengthen cooperation mechanisms," Haddad added.

Brazil has held the rotating presidency of the G20 since last December. During its one-year term, the Brazilian government focuses on three priorities: combating hunger, poverty, and inequality; sustainable development; and global governance reform.