G20 leaders endorse tax deal, pledge more vaccines for the poor

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 vaccines to poorer nations.

U.S. President Joe Biden talks with Turkey’s President Tayyip Erdogan and Britain’s Prime Minister Boris Johnson as he attends the G20 leaders’ summit in Rome.

“We call on the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting to swiftly develop the model rules and multilateral instruments as agreed in the Detailed Implementation Plan, with a view to ensure that the new rules will come into effect at global level in 2023.”

US Treasury Secretary, Janet Yellen said in a statement that, the endorsement of the minimum tax would help US businesses and workers, even though the deal also means that many US-based companies, like the Internet giants, will be paying more tax than now.

“This deal will remake the global economy into a more prosperous place for American business and workers,” Yellen said.

Kamila/Reuters