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This weekend marks the first in-person G20 Summit since the beginning of the coronavirus pandemic, and world leaders are expected to discuss the Covid-19 pandemic, global supply chain problems, a global minimum tax rate, high energy prices and combating the climate crisis, among other topics. The President will raise energy supply issues and throw his backing behind a global minimum tax in the first session of the G20 on Saturday in Rome, a senior administration official says. Those two issues are among the top agenda items for Biden at the conference of the world’s largest economies.
“The overarching theme going into (Saturday) is the United States is steadfastly committed to our allies and partners and to face-to-face diplomacy at the highest levels,” the official said. “And at the G20, the United States and allies and partners are here, we’re energized, we’re united.”
The topic of the first session is the global economy and pandemic, and its main objective will be an endorsement of a global minimum tax, a chief priority of Biden’s that the White House believes would end the global race-to-the-bottom on corporate tax rates.
The agreed-to measure would tax large multinational companies at a minimum rate of 15% and require them to pay taxes in the countries where they do business. The Biden administration breathed new life into the global initiative earlier this year and secured the support of the G7 countries in June, paving the way for a preliminary deal in July.
“In our judgment, this is more than just a tax deal. It’s a reshaping of the rules of the global economy,” the official said.
“These world leaders really are sophisticated. They…
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Source : cnn
