On June 22, 2021, in Noida, India, Covid-19 immunizations were administered without previous registration at Sector 30 district hospital. Getty Images | Sunil Ghosh | Hindustan Times New Covid-19 outbreaks remain one of the greatest dangers to a global economic recovery, according to the OECD’s secretary-general, who has called on developed countries to help developing countries with their immunization programs. “We must do everything possible to vaccinate as many people as possible all around the world. There is a special responsibility for developed economies, and it is not simply a matter of charity or benevolence; it is also a matter of self-interest, both in terms of ensuring the safety of our populations… and in terms of ensuring the economic recovery can be sustained “The OECD Secretary-General, Mathias Cormann, stated on Thursday. He told CNBC’s Annette Weisbach, “New outbreaks are still one of the biggest downside risks in terms of sustainable economic recovery moving forward.” “There is a race going on between getting as many people vaccinated as possible all around the world, including and especially in developing nations, and the possibility of new variants emerging, variants that may be resistant to the vaccines currently available,” he explained. Continue reading: According to the OECDC, Covid-19 has resulted in the loss of 22 million employment in advanced countries. ormann is not alone in fearing that the continuous spread of Covid-19, particularly the most recent highly transmissible delta version among younger and unvaccinated persons, would sabotage the recovery. “The single thing that may imperil the economic recovery in France is a second wave of the epidemic,” France’s finance minister, Bruno Le Maire, told CNBC on Tuesday. The World Health Organization (WHO) renewed its request on Wednesday for wealthier countries to assist poorer ones by distributing Covid vaccinations, especially for health-care professionals and the elderly. While the coronavirus pandemic may be the most serious issue in terms of global public health, governments have been focusing on other pressing issues, such as worldwide tax reform, in the meanwhile. The finance ministers of the world’s most advanced nations, known as the Group of Seven, approved a US plan in June that called for firms all across the world to pay at least a 15% tax on profits, and the deal has since gained backing from a growing number of countries. Last Thursday, US Treasury Secretary Janet Yellen said that at least 130 countries had agreed to a global minimum tax on corporations as part of a larger deal to alter international tax rules. Cormann stated that the agreement was critical, stating that “When it comes to fair taxes, 131 countries have agreed on a path forward that is internationally consistent. Globalization and digitalization of our economy caused inefficiencies and major disparities in our tax system, and corporations were not paying their fair amount of tax everywhere they should have been.” “We now have an agreement in which the globalization winners, including and especially huge multinational digital firms, pay their fair amount of tax, or will pay their fair share of tax once (the pact) is implemented in the countries where they make their profits.” He stated that all 131 countries, as well as those in the Group of 20 industrialized nations, had agreed that the worldwide corporate tax rate should be set at 15%. “So that already establishes a global floor for tax competition.” Some low-tax jurisdictions, such as Ireland and Hungary, have expressed reservations about the agreement, but Cormann said they were participating in the talks: “Some countries obviously come at this from a different starting position,” he said, “but 131 out of 139 counties (members of the G20/OECD Inclusive Framework who are collaborating to reform tax rules) are on board and that’s a significant number.”/n
Read More
