The G7 Finance Ministers, meeting in London, have


decided to boost the global minimum corporate tax for large corporations at around 15%.

In an open letter, published by

The Guardian

, Economy Minister

Nadia Calviño

has joined her counterparts from France, Germany and Italy in demanding "an international tax system for the 21st century" and in calling for an agreement in the Prelude to the

G7 summit

to be held next week in Cornwall.


Everything indicates that the final agreement could be sealed at the G20 summit in Venice, next July, which would serve to pave the way for the rest of the OECD countries. The London conclave, attended by the finance ministers of the United States, United Kingdom, Germany, Italy, France, Canada and Japan, is interpreted as a first big step in that direction.


US Treasury Secretary

Janet Yellen

, on her first official trip to Europe, arrived in London with a very clear message from President

Joe Biden,

committed to "fiscal support measures designed to promote global recovery after the pandemic." Since his arrival in the White House, Biden has reversed


the Trump-era

cuts

, supported increasing corporate tax to 25% or 28% in the United States, and even proposed a "minimum tax." "21% globally for large corporations.


The North American proposal was received unevenly by the European Union and initially caused misgivings in countries with Hungary and Ireland, considered the "tax haven" of the technology giants


on community soil. As revealed this week by The Guardian, a

Microsoft

subsidiary

generated 258,000 million euros in profits last year for which she did not pay tax, by having her tax residence fixed in Bernuda.


The G7 ministers meeting will also address the imposition of a "digital tax" that can be applied to large technology corporations that operate "virtually" in countries where they do not pay taxes as they do not have their physical headquarters there. The conclave of finance ministers aims to pave the way for world leaders to meet in Cornwall, on


President Biden's

first

official

visit

to Europe. The US Treasury has appealed in advance to the new spirit of cooperation and expressed its hope for the creation of a more stable "international tax architecture".


The access and distribution of Covid vaccines

will be another of the issues addressed at the London meeting, which is held in parallel with the meeting of the G7 Health Ministers.

Biden announced on Thursday the shipment of 80 million doses to less-favored countries, and "Premier"

Boris Johnson

, as host, is expected to make an announcement in the coming days about the UK's plans to alleviate the inequality in the distribution. of vaccines, and given the slowness shown to date by Covax, the global access initiative sponsored by the


World Health Organization (WHO).

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