NewsWorld News


G-20 endorses global corporate minimum tax at Rome summit

Italy G20 Summit
Italy G20 Summit
Italy G20 Summit
Joe Biden, Jill Biden
Posted at 6:22 PM, Oct 30, 2021
and last updated 2021-10-30 21:22:04-04

ROME (AP) — Leaders of the world’s biggest economies have endorsed a global minimum tax on corporations as part of an agreement on new international tax rules.

That step, taken on Saturday at a G-20 summit in Rome, is seen as building more fairness amid skyrocketing revenues of some multinational businesses.

The move by the Group of 20 was hailed by U.S. Treasury Secretary Janet L. Yellen as benefiting American businesses and workers.

A summit of leaders from the world’s powerhouse economies was also being challenged to pick up the pace in getting vaccines to poor countries.

Italian Premier Mario Draghi, hosting the two-day gathering, blasted the gaping global COVID-19 vaccine gap “morally unacceptable.”