G20 summit: World leaders endorse global corporate minimum tax at Rome summit

G20 summit: World leaders endorse global corporate minimum tax at Rome summit

10/30/2021 11:05:00 PM

G20 summit: World leaders endorse global corporate minimum tax at Rome summit

The move by the leaders of the world's biggest economies is a step toward building more fairness amid the surging revenues of some multinational businesses.

World leaders gather for G20 'family photo'"Here at the G20, leaders representing 80% of the world's GDP - allies and competitors alike - made clear their support for a strong global minimum tax," the president said in a tweet."This is more than just a tax deal - it's diplomacy reshaping our global economy and delivering for our people."

Image:Italian Prime Minister Mario Draghi (left) said vaccine inequality was 'morally unacceptable'White House officials have claimed the new tax rate would create at least $60bn (£43.8bn) in new revenue a year in the US, which could partially pay for a nearly $3tn (£2.1tn) social services and infrastructure package that Mr Biden is seeking.

Read more: Sky News »

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COVID-19: Failure to tackle global vaccine inequality at G20 summit could prolong pandemic, groups warnG20 countries represent 62% of the world's population but have used 82% of the world's COVID-19 vaccines, while only 3.1% of people in low-income countries have received at least one dose, campaigners say.

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G20 opens with call for more COVID vaccines for poor countriesG20 leaders opened their first in person summit in two years on Saturday with a call for more COVID vaccines for poor countries amid ongoing concerns about the coronavirus pandemic.

Please use Chrome browser for a more accessible video player World leaders gather for G20 'family photo' "Here at the G20, leaders representing 80% of the world's GDP - allies and competitors alike - made clear their support for a strong global minimum tax," the president said in a tweet. "This is more than just a tax deal - it's diplomacy reshaping our global economy and delivering for our people." Image: Italian Prime Minister Mario Draghi (left) said vaccine inequality was 'morally unacceptable' White House officials have claimed the new tax rate would create at least $60bn (£43.8bn) in new revenue a year in the US, which could partially pay for a nearly $3tn (£2.1tn) social services and infrastructure package that Mr Biden is seeking. On the subject of fairness across the globe, including access to COVID-19 vaccines, the summit also heard pleas to boost the percentage of people in poor countries having access to jabs. Italian Prime Minister Mario Draghi, an economist and former chief of the European Central Bank, called to speed up vaccines reaching poorer countries as he opened the conference. Image: Boris Johnson and French President Emmanuel Macron were among the leaders at the summit He highlighted that only 3% of people in the world's poorest countries are vaccinated, while 70% in rich countries have had at least one shot. "These differences are morally unacceptable and undermine the global recovery," said Mr Draghi. Tone set by G20 leaders will indicate whether COP26 has a chance of success Meanwhile, French President Emmanuel Macron pledged to use the summit to urge fellow European Union leaders to be more generous in donating vaccines to low-income countries. Italy hopes the G20 will secure crucial commitments from countries representing 80% of the global economy ahead of the UN climate conference, COP26, that begins in Glasgow on Sunday. The majority of the summit leaders in Rome will travel to Glasgow as soon as the G20 ends on Sunday afternoon. Related Topics