May 24, 2022

The Queens County Citizen

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G20 | Leaders approved tax reforms for multinational corporations

G20 |  Leaders approved tax reforms for multinational corporations

(Rome) Leaders of the G20’s major economies approved a multinational corporation minimum tax in Rome on Saturday, while Europeans and Americans ended a truce on their dispute over steel. But negotiations are dragging on to find a deal on the climate.

Sophie Estienne
France Media Agency

Some aspects of the final weather forecast are “still under discussion,” a senior White House official said Saturday evening.

Although progress could be made by the end of Sunday’s meeting, some working versions of the press release under discussion are threatening NGOs not to go beyond the promises already made at the G20 meeting. The Paris Agreement, and does not adhere to a clear timetable to achieve the goal of “zero emissions”.

This was particularly disappointing as COP26 on the weather started in Glasgow on Sunday. It brings together a very wide range of countries, including developed countries such as the G20, the United States and members of the European Union, but even large emerging economies such as China, Russia, Brazil or India account for 80% of the world’s share. Greenhouse gas emissions.

“We must not leave the planet of conflict and waste of resources to those who will come after us,” Italian President Sergio Matterella reiterated at the G20 leaders’ dinner on Saturday evening. “We have a responsibility to make decisive progress in overcoming these burdens. The time has come. The eyes of billions of people, of all people, are fixed on us and the results we can achieve, ”he stressed.

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Several thousand people still lined the streets of Rome on Saturday afternoon for the weather.

Charles Mitchell, President of the European Council, noted that this question is very difficult, especially for “some coal-dependent countries.”

Photo by Yara Nardi, Reuters

Protesters began gathering in the streets of Rome on Saturday afternoon.

Many developing countries, including China – whose president Xi Jinping speaks only in Rome via videoconference like his Russian counterpart Vladimir Putin – still rely heavily on this fossil fuel, which emits much CO.2, Especially to run their power plants in the current context of the energy crisis.

“We really hope to lock in the G20 commitment to end international coal funding,” a senior American official said Saturday evening, “also appealing for a positive speech on decarbonization.” […] The energy sector ”and the commitment of“ more countries ”to reduce emissions of methane, another major greenhouse gas, along with carbon.

Green light for world tax

In the immediate future, heads of state and government will give the final green light to world tax reform, specifically to introduce a 15% minimum tax on multinational corporations with the goal of implementing it by 2023.

The “historic agreement” will be formally ratified by US Treasury Secretary Janet Yellen in her final G20 statement on Sunday.

“For four years, I have been fighting to enforce at least 15% international tax for multinational companies. Tonight, we’re there! French President Emmanuel Macron tweeted that German Chancellor Angela Merkel had hailed it as a “great victory” and a “clear sign of justice”.

In Rome, US Secretary of Commerce Gina Raimondo unveiled another “historic” agreement, this time to lift some tariffs on steel and aluminum imports, which have damaged trade ties between Washington and Brussels since the Trump administration imposed these taxes. It should allow “limited quantities of steel and aluminum imports from Europe to enter the United States duty free”.

European Trade Commissioner Valdis Dombrovskis confirmed the deal on Twitter, saying the deal would be officially announced on Sunday by Commission President Ursula van der Leyen and US President Joe Biden.

An American official announced on Saturday that he was also planning to meet with his Turkish counterpart Recep Tayyip Erdogan that day in the wake of tensions between the two NATO allies.

Emmanuel Macron discusses with the British Prime Minister Boris Johnson on his side, he said Mr.Me Van der Leyen for “completely unfair” threats from Paris about post-Brexit channel fishing licenses.

After a diplomatic attack with several European leaders, Argentine President Alberto Fernandez, for his part, was able to congratulate himself on Saturday for a “good meeting with IMF Director Cristalina Giorgio” on rescheduling. The debt of the South American nation, he said, was approaching “firmly.”