G20 leaders arrive in Rome, endorse global minimum corporate tax

16:08, 30 October 2021
G20 leaders arrive in Rome, endorse global minimum corporate tax Photo: juliacasado1 /

Leaders of G20 have arrived at the summit that takes place in Rome, the first in-person meeting in more than two years.

Once all of them were gathered, the leaders were invited to the tiered blue stage of three levels for a group photo. Prime Minister of the host country, Mario Draghi, stood in the very center of the group as the US president was at the farthest point on the end of the front line.

After the process of making a traditional photo ended, the leaders headed into a large hall, decorated with flags, where they will commence formal talking.

Some leaders were missing in the photo due to their reasons, thus there were no such leaders like China’s Xi Jinping, President of the Russian Federation Vladimir Putin, nonetheless, both will take part in the meeting remotely. Premier Minister of Japan, Fumio Kishida couldn’t attend due to the elections in the country that are scheduled on Sunday. Mexican President Andres Manuel Lopez Obrador is also absent, but he sent the Foreign Minister instead.

Later, leaders have formally endorsed a new global minimum tax completing the continuous consideration of the groundbreaking tax accord, The Washington Post reported. The conclusions regarding a new global minimum corporate tax of 15% will be revealed on Sunday. The alteration is expected to come into effect in 2023.

A deal of setting up a global minimum corporate tax to 15% was struck in October when 136 countries agreed with the forthcoming establishment. The changes will likely concern such giant companies as Google, Amazon, Facebook, Microsoft, and Apple to deprive them of the opportunity of avoiding taxation in low-tax jurisdictions.