President Joe Biden and G7 leaders will pledge the world 1 billion shots of the COVID vaccine, support a global corporate tax rate of 15 percent, and target Big Tech with a new tax when the summit begins.
Of those billion shots, half come from the United States and 100 million from the UK
“We are going to help the world get out of this pandemic by working with our global partners,” Biden said on Thursday, adding that the G7 countries would join the US in setting out their pledges to donate vaccines during the three-day summit. The G-7 also includes Canada, France, Germany, Italy and Japan.
The leaders meet on Friday for opening greetings and a remote family photo before going to a session ‘Better rebuilding from COVID-19.’
The world leaders of the seven industrialized nations will also support an agreement previously made by their finance ministers on the global minimum corporate tax rate.
The update to international tax law aims to end global competition that has led some countries to cut corporate taxes much lower than others to lure multinational corporations to their shores.
President Joe Biden and G7 leaders will pledge 1 billion shots of the COVID vaccine for the world, support a global corporate tax rate of 15 percent and target Big Tech for a new tax when the summit begins
Big Tech critics say the big multinationals often avoid or minimize taxes by shifting profits and taking advantage of investment credits offered by governments
It’s a big win for the Biden administration, which has proposed the global minimum tax as a way to pay for infrastructure projects. Biden wants to raise corporate taxes in the US and a global minimum will help combat fears that his move could move jobs abroad.
The leaders will also announce a plan to replace Digital Services Taxes, which targeted the largest U.S. tech companies — such as Amazon, Apple, Facebook and Google — with a new tax plan tied to the places where multinationals actually do business, rather than from where they have their headquarters.
Later, the leaders will meet Queen Elizabeth II and other members of the royal family at the Eden Project, a lavish, domed ecotourism site built in a former quarry.
Prince Charles, Duchess of Cornwall, Prince William and Kate, Duchess of Cambridge will join the leaders of the G7 at the reception.
World leaders from the G7 countries arrived in Britain on Thursday.
Canadian Prime Minister Justin Trudeau arrived at Cornwall Airport in Newquay wearing a face mask and waved from the exit of his jet next to his country’s coat of arms and maple leaf flag.
European Council President Charles Michel also arrived at the airport ahead of the G7 meeting on 10 June, and was met by a number of British soldiers, sailors and airmen.
Japanese Prime Minister Yoshihide Suga and his wife Mariko Suga arrived in Newquay early this morning. A typical flight from his country to Great Britain takes about 12 hours.
Prime Minister Johnson will host leaders from the US, Japan, Germany, France, Italy and Canada at the G7 summit to be held today in Carbis Bay, Cornwall.
Britain has invited Australia, India, South Africa and South Korea to attend the leaders’ summit as host countries – as well as the EU, amid trade tensions with the bloc.
Canadian Prime Minister Justin Trudeau arrives at Cornwall Airport in Newquay, UK, June 10 ahead of the G7 summit
European Council President Charles Michel (C) arrives in Newquay ahead of the G7 meeting at Cornwall Airport on 10 June 2021
President of the European Council, Charles Michel (centre) is welcomed on his arrival at Cornwall Airport Newquay ahead of the G7 summit, 10 June
Japanese Prime Minister Yoshihide Suga and his wife Mariko Suga arrive at Newquay Airport in Newquay on June 11, 2021
Joe Biden, pictured yesterday with Boris Johnson, has emphasized that the world’s democracies must stand together as he arrived in the UK on his first foreign trip as US president.