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Variants Threaten Global Economic Recovery, Yellen Warns
Treasury Secretary Janet L. Yellen said on Sunday that coronavirus variants could hinder the global economic recovery and called for a stepped-up effort to vaccinate the world’s population.
We are vey concerned about the Delta variant and other variants that could emerge and threaten recovery. We are a connected global economy. What happens in any part of the world affects all other countries. We therefore recognize the importance of working together to speed the process of vaccination and have the goal of wanting to vaccinate 70 percent of the world’s population next year. We recognize that while a lot has been done to finance the purchase of vaccines, that with respect to logistics, both for vaccines, distribution, sending vaccines to areas where there is increasing infection to so-called hot spots around the world, therapeutics, P.P.E. and other things, that we need to do something more and to be more effective.
After spending the weekend huddled in the halls of an ancient Venetian naval shipyard, the top economic officials from the Group of 20 nations on Saturday formally threw their support behind a proposal for a global minimum tax of at least 15 percent, Alan Rapaport reports from Venice for The New York Times.
Under the plan, each country will adopt new rules requiring large global businesses, including technology giants like Amazon and Facebook, to pay taxes in countries where their goods or services are sold, even if they have no physical presence there.
“After many years of discussions and building on the progress made last year, we have achieved a historic agreement on a more stable and fairer international tax architecture,” the finance ministers said in a joint statement, or communiqué, at the conclusion of the meetings.
The plan would be the most significant overhaul of the international tax system in decades, cracking down on tax havens and imposing new levies on large, profitable multinational companies.
The plan could reshape the global economy, altering where corporations choose to operate, who gets to tax them and the incentives that nations offer to lure investment. But major details remain to be worked out ahead of an October deadline to finalize the agreement and resistance is mounting from businesses, which could soon face higher tax bills, as well as from small, but pivotal, low-tax countries such as Ireland, which would see their economic models turned upside down.
Article source: https://www.nytimes.com/live/2021/07/12/business/economy-stock-market-news/