G7 nations 'just one millimeter' from historic tax deal
Video Credit: Reuters - Politics - Duration: 02:17s - Published
G7 nations 'just one millimeter' from historic tax deal
The Group of 7, representing some of the world's richest nations, are within touching distance of a historic deal to close the net on large companies which do not pay their fair share of tax, France and Germany said on Friday after a day of talks in London.
The first in-person meeting of the Group of 7 finance ministers since the health crisis could be on the verge of producing a breakthrough.
Economic leaders from the G7, Canada, France, Germany, Italy, Japan, U.S. and the U.K., gathered together for talks on Friday, and are " just one millimeter" from a historic global tax deal being pushed by the U.S., French Finance Minister Bruno Le Maire told the BBC.
U.S. Treasury Secretary Janet Yellen, on behalf of the White House, proposed a minimum global corporate tax rate of 15%, which is below the lowest rate of any of the G7 nations.
A particular focus of the minimum tax rate are the big international tech firms like Amazon, Facebook and Google parent Alphabet, which are adept at exploiting the differences in varying corporate tax codes.
British Finance Minister Rishi Sunak: "It is increasingly clear that in a complex, global, digital economy, we cannot continue to rely on a tax system that was largely designed in the 1920s.
And I will just say this: the world has noticed.
And I believe they have high expectations for what we all can agree over the coming days." A deal could raise tens of billions of dollars for governments, offsetting the big spending done by many governments to prop-up their economies during the health crisis.
Finance ministers speaking to the press were optimistic that an agreement could be reached before talks wrap up on Saturday.
There are, however, some major hurdles to clear before a deal is reached, including what the minimum tax rate should be, and how the rules should be drawn up to ensure that companies pay their fair share of taxes.
Any agreement between finance ministers lays the groundwork for more intense talks next week when their bosses - presidents and prime ministers - gather in England.
Whatever is decided would then need to have buy in from the wider G20, which includes the world's richest nations, as well as developing economies.
Lord Cameron has described the situation in the Middle East as 'very concerning' but says he hopes Israel will act in a way that does not heighten tensions.
Speaking in Jerusalem ahead of talks with prime minister Benjamine Netanyahu, the British foreign secretary also said he hopes to see co-ordinated sanctions against Iran from G7 countries, because it is responsible for 'so much of the malign activity' in the region. Report by Alibhaiz. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The UK economy is going to grow less than expected this year - with the International Monetary Fund warning the country will remain the second worst performer in.. Sky News
Iran's President Raisi warns Israel and its allies of a stronger response after Tehran's retaliatory strike. European nations condemned Iran's attack, prompting Iran to question their stance. Iran defends its military action as legitimate defense. The G7 plans to discuss the situation, reflecting escalating tensions in the region.
#iranisrael #iranisraellivestream #iranisraelwarnewstodaylive #iranisraelwaraljazeera #iranisraelwarfootage #israeliranyudh #iranisraelconflict #Oneindia #Oneindianews
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Suri Cruise is celebrating adulthood -- let that sink in -- as she rings in her 18th birthday in NYC by taking a rainy day stroll with a friend. Despite the.. TMZ.com
Prince Harry Officially Considers America , to Be His Home Instead of Britain.
After stepping away from
royal duties in 2020, Prince Harry
and Meghan Markle moved to California.
At the time, Harry suggested
that the move was temporary. .
The U.K. is my home and a place
that I love, that will never change. , Prince Harry, via previous statement.
We both do everything we can to
fly the flag and carry out our roles
for this country with pride, Prince Harry, via previous statement.
But a Travalyst Ltd filing on April 17 shows that the U.S. is now the prince's primary residence, NBC News reports. .
The company is based in London
and is 75% owned by Harry.
The new listing shows Harry's full name,
Prince Henry Charles Albert David Duke Of Sussex.
and then reads, "New country/State
Usually Resident: United States.".
While the residency change was filed this week, it was actually made on June 29, 2023, when the Duke and Duchess of Sussex left Frogmore Cottage. .
While the residency change was filed this week, it was actually made on June 29, 2023, when the Duke and Duchess of Sussex left Frogmore Cottage. .
In February of this year, Harry told a journalist that he was thinking about becoming an American citizen, NBC News reports.
Credit: Wibbitz Top Stories Duration: 01:31Published
Brian Cox has never been one to mince his words, and Joaquin Phoenix is on the chopping block this time over his performance in the "Napoleon" movie. The.. TMZ.com
PM Modi also talked about consensus reached at the G20 summit on the declaration, among speculations in some quarters that such an outcome will be difficult due.. DNA
Lord Cameron expresses regret over the Post Office scandal, acknowledging government awareness of a terminated probe that could have cleared sub-postmasters. Lord Cameron, at a G20 meeting in Brazil, highlights the need for a public inquiry to uncover the truth and expedite compensation for those affected by the "appalling" treatment of post office branch managers. Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Captain Rachel Malcolm says Scotland must get their "world class" back three into the game if they are to overcome Italy in the Women's Six Nations. BBC Sport
Prime Minister Rishi Sunak promises to “sit there and vote” until his Rwanda Bill is passed on Monday.
Report by Ajagbef. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Prime Minister Rishi Sunak has insisted his Rwanda plan will finally get through parliament on Monday, telling reporters: "We will sit there and vote until it's.. Sky News
Rishi Sunak hopes to strip GPs of their power to sign people off work as part of a plan to tackle what he calls the UK's "sick note culture".
Report by Ajagbef. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Rishi Sunak is to call for an end to the "sick note culture" in a major speech on welfare reform - as he warns against "over-medicalising the everyday challenges.. Sky News
President Biden was in the Situation Room at the White House throughout Saturday evening watching, in real time, Iran's unprecedented attack on Israel unfold. Sky News
Iran has launched an attack on Israel, the White House says in a statement ... and, Israeli Prime Minister Benjamin Netanyahu says the country's prepared. In a.. TMZ.com
Fears of Potential Iranian Attack , Drive US Stocks Down , Nearly 500 Points.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
CNN reports that United States stocks dropped on
April 12 amid rising tensions in the Middle East pushing
traders to seek safe havens like gold and bonds.
By mid-afternoon, the Dow had fallen
1.4%, the S&P 500 went down 1.6%,
and the Nasdaq dropped 1.8%.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The dip came after the White House announced
that both the U.S. and Israel are on alert for
a potential attack by Iran or its allies.
The warning comes after Iran
accused Israel of a deadly airstrike
on a consulate in Damascus, Syria. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
The news also sent oil prices up amid
fears of regional tensions escalating
as a result of the ongoing war in Gaza. .
Brent crude futures jumped up to $90.42
a barrel, and West Texas Intermediate crude
futures increased to $86.65 a barrel.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
Those geopolitical concerns and subsequent
rising oil prices sent investors to safe havens like
gold futures, which rose to $2,379 a troy ounce.
CNN reports that Americans' opinions of
the economy have dipped in the past few
months amid persistently high inflation.
The geopolitical fears come as investors are already
contending with concerns that the Federal Reserve could
wait to bring interest rates down from a 23-year high.
Officials at the Fed have signaled that further rate
hikes could still be on the way if the central
bank's efforts to fight inflation stall.
Credit: Wibbitz Top Stories Duration: 01:31Published
Biden Cancels Over $7 Billion in Student Debt , for More Than 277,000 Borrowers.
On April 12, President Joe Biden said that over 277,000 borrowers in more than
40 states will have $7.4 billion in student
loan debt wiped out, 'The Hill' reports. .
To date, the Biden administration has canceled $153 billion in student loan debt. .
From day one of my administration,
I promised to fight to ensure higher
education is a ticket to the middle class,
not a barrier to opportunity. , President Joe Biden, via statement.
I will never stop working to cancel
student debt – no matter how
many times Republican elected
officials try to stop us, President Joe Biden, via statement.
'The Hill' reports that Biden's loan forgiveness has largely been aimed at helping
"public service workers, those on IDR plans," .
people who've been defrauded by educational institutions and those with disabilities. .
Republican Rep. Virginia Foxx, chair of the House Education Committee, issued a statement in response to Biden's actions. .
The administration is tone deaf.
There’s no other way to put it, Rep. Virginia Foxx, chair of the House Education Committee, via statement.
We know that instead of doing its
job the administration focused
time, energy, and resources on
its illegal student loan scheme. , Rep. Virginia Foxx, chair of the House Education Committee, via statement.
And that has been frustrating, especially
since it has jeopardized the academic
journey of millions of students, Rep. Virginia Foxx, chair of the House Education Committee, via statement.
But what is absolutely maddening is
that the administration is STILL not
doing its job and instead focusing on
its student loan shenanigans. , Rep. Virginia Foxx, chair of the House Education Committee, via statement.
White House press secretary Karine Jean-Pierre said, , “We know what Republicans are going to do; we can’t
stop them from that. But it’s also not going to stop the president from acting and taking action, like he is today.”
Credit: Wibbitz Top Stories Duration: 01:30Published