Leaders of the world’s 20 biggest economies endorsed a global minimum tax aimed at stopping big business from hiding profits in tax havens, and also agreed to get more COVID-19 vaccines to poorer nations.
Underscoring the way the coronavirus crisis has up-ended the world, doctors in white coats and Red Cross workers joined the leaders for their traditional “family” photograph — a tribute to the sacrifices and efforts of medics across the globe.
The corporate tax deal was hailed as evidence of renewed multilateral coordination, with major corporations facing a minimum 15% tax wherever they operate from 2023 to prevent them from shielding their profits in off-shore entities. Chinese President Xi Jinping and Russia’s Vladimir Putin both decided to follow events only via video link and diplomats looking to seal a meaningful accord said both countries, as well as India, were resisting ambitious new climate goals.
The document also acknowledges that current national plans on how to curb harmful emissions will have to be strengthened, but offered little detail on how this should be done.
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