The Latest on the Group of Seven nations meeting being held in England:
CARBIS BAY, England âThe leaders of the worldâs richest countries have agreed to endorse a global minimum tax on multinational corporations. The decision had been widely anticipated after finance ministers earlier this month embraced placing a global minimum tax of at least 15% on large multinational companies to stop corporations from using tax havens to avoid taxes and thus robbing some countries of much-needed revenue.
The minimum rate was championed by the United States and dovetails with the aim of U.S. President Joe Biden to focus the three-day G-7 summit in England on ways the democracies can support a more fair global economy by working together. The summit ended Sunday with broad agreements for cooperation on fighting the coronavirus pandemic, challenging China’s economic and human rights policies and other issues.
The International Monetary Fund managing director says there is a moral imperative for the world’s richest countries to back programs to end the COVID-19 pandemic, saying that the donation of excess vaccines is only the first step.
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