G20 leaders to endorse 15% minimum corporate income tax

G20 leaders are set to convene in Venice today to endorse a plan that seeks to establish a global minimum corporate income tax of at least 15%. This meeting comes as the group is expected to introduce a high-level independent panel report on pandemic preparedness. However, the One Campaign has raised concerns, urging the G20 to prioritize efforts to combat the current crisis without being overshadowed by future goals. Edwin Ikhuoria, the Africa Executive Director at The One Campaign, stressed the importance of ensuring that the push for pandemic preparedness does not compromise the immediate need to address the ongoing global health crisis. He emphasized the urgency of redirecting resources toward the current pandemic and fostering trust among all nations to effectively tackle future health threats. Ikhuoria urged the G20 to address critical questions related to resource mobilization and equity to build a system that does not perpetuate inequalities between rich and poor countries. The need for a concerted global effort to end the current pandemic was highlighted as crucial, with the argument that until every country is free from the virus, no nation can claim complete safety. The discussion around a minimum corporate tax rate of 15% was also brought to light, with some countries, like Nigeria, opting out of the agreement. Ikhuoria explained that the disparity in tax rates across jurisdictions can lead to multinational corporations shifting profits to lower tax jurisdictions, depriving countries of essential revenue. The focus on fairness and ensuring that companies pay taxes where they operate was underscored as key principles for global tax reform. The One Campaign's advocacy work, particularly in promoting equality and equity, was highlighted as crucial in addressing the growing divergences between wealthy and developing nations. The organization emphasized the need for a comprehensive and inclusive approach to ending the pandemic worldwide, stressing the importance of vaccine equity and global coordination in combatting new variants. The call for wealthy nations to donate three billion vaccine doses to bridge the vaccination gap and foster a more equitable distribution was made as a critical step towards achieving global health security.