ROME – President Joe Biden and some of the world’s most powerful leaders will open their first in-person summit in two years on Saturday with discussions on two of the world’s most pressing matters: the global economy and the coronavirus pandemic.
Leaders of the Group of 20, or G-20, are expected to formally endorse sweeping changes to the international tax system and adopt a global minimum tax. The changes are intended to make sure large corporations pay their fair share and keep them from stashing profits in lower-tax jurisdictions.
Nearly 140 countries already have agreed to adopt a global minimum tax of at least 15%. But Saturday’s meeting would mark the first time the tax has been officially backed by G-20 leaders, who represent more than 80% of the world’s gross-domestic product and 75% of global trade.
Biden is pushing a 15% minimum tax on corporate earnings to help pay for his ambitious package of climate change and social safety net proposals.
Global health concerns also will be on the agenda for Saturday’s session. G-20 leaders are expected to explore ways to prevent another pandemic like COVID-19, which has killed nearly 5 million people worldwide, including more than 743,000 Americans.