G20 leaders back tax deal, promise more vaccines for poor countries

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ROME, Oct 30 (Reuters) – Leaders of the world’s 20 largest economies on Saturday backed a global minimum tax aimed at preventing big companies from hiding profits in tax havens, and also agreed to target more COVID vaccines for Poor countries.

Attending your first summit in person in two years, G20 leaders broadly supported calls to extend debt relief to impoverished countries and pledged to vaccinate 70% of the world’s population against COVID-19 by mid-2022.

However, with a crucial UN climate conference starting in just two days, the G20 appeared to have complications supporting the kind of robust new measures that scientists say are necessary to prevent dire global warming.

Italy, which is hosting the summit in Rome, put health and the economy at the top of the meeting’s first day’s agenda, with the toughest climate discussions scheduled for Sunday.

Highlighting how the coronavirus crisis has brought the world down, doctors in white coats and Red Cross workers joined the leaders for their traditional “family” photograph, a tribute to the sacrifices and efforts of doctors around the world. world.

Addressing the opening of the meeting, which takes place in a steel and glass convention center, Italian Prime Minister Mario Draghi said that governments must work together to meet the formidable challenges facing their peoples.

“From the pandemic to climate change to fair and equitable taxes, going alone is not an option,” Draghi said.

The corporate tax deal was hailed as evidence of renewed multilateral coordination, as lhe major corporations face a minimum tax of 15% wherever they operate from 2023 to prevent them from protecting their profits in offshore entities.

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“This is more than just a tax deal, it is diplomacy that is reshaping our global economy and delivering on our people,” US President Joe Biden wrote on Twitter.

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