The Group of Seven (G7), made up of the United States, Germany, France, Italy, Canada, Japan and the European Union, held a three-day summit on the waterfront of Casby Bay in the British town of Cornwall from Friday to Sunday, June 11.

Earlier, the White House announced that the G7At least 15% will be approved on the first day of the summit.The Global minimum Corporate tax Initiative (GMT)),It will also announce a new tax agreement to replace the digital services tax (DST) levied by some countries on the largest technology companies in the United States, and require the largest and most profitable multinationals to pay taxes in the countries in which they operate, not just at their headquarters.

G7 leaders are "actively considering" expanding the distribution of the International Monetary Fund to countries in need.IMFThe Special drawing Rights (SDR)), which can be as large as 1000100 million US dollarsDesigned to help low-income countries buy COVID-19 vaccines and restore their economies.

Media sources near the close of US stocks on Friday said that the leaders of the Group of Seven agreed to continue the fiscal stimulus.. The White House also said the G7 would agree to "continue to provide policy support to the global economy for a long time as necessary to achieve a strong, balanced and inclusive economic recovery."

According to CCTV news, the G7 summit will be the first meeting between German Chancellor Angela Merkel and US President Joe Biden. The German federal government said that dealing with the COVID-19 epidemic and preparing for a future global pandemic is a top priority of this G7 summit. Merkel also said that vaccine distribution, climate protection, multilateralism and other issues are also focused on.

At a time when COVID-19 is making a comeback with a new round of variants, what is quite "appropriate" isG7The leaders' summit reception hotel unexpectedly broke out this week, and there are still 13It was diagnosed by people.

A hotel checked in by members of the German delegation and some media personnel has been "completely closed for deep cleaning" as staff tested positive for COVID-19 and 13 of about 17 employees were infected, several media reported on Thursday. It is not clear whether the outbreak of the infection will affect the health of G7 leaders, and the hotel is just one mile from Carbis Bay, where the G7 summit is held.

Wall Street has heard that the G7 tax reform agreement aims to pave the way for a globalised digital economy to update international tax laws, followed by negotiations at the level of the Group of 20 and the 135countries negotiated by the OECD. If a final agreement is reached, it will be the biggest change in international corporate taxation in a century. The new agreement will weaken the ability of technology giants to transfer profits to low-tax jurisdictions and give multinational companies more tax rights where the market is located.This yeartenMonth or the possible time to reach a comprehensive agreement.

Some analysts pointed out that the establishment of a minimum corporate tax in the world will help put an end to the "arms race" of tax reduction in some countries to attract multinational enterprises, and can prevent companies from "running away" when the United States tries to raise taxes at home. Therefore, it has won strong support from the White House. The abolition of the digital services tax is another victory for the Biden administration and good for big technology companies in the long run-even if the new global minimum tax raises short-term costs, digital services taxes will no longer emerge one after another or bring some certainty.

Markets have instead focused on whether the G20 meeting in Venice, Italy, in July can endorse the world's lowest corporate tax. Outside analysts believe that the approval of the agreement may encounter huge obstacles in low-tax countries such as Ireland, the distribution of tax revenue has not been finalized, and the agreement will eventually need to be approved by the U.S. Congress:

Ireland has for years resisted the European Union to unify its tax rules and is one of the few countries to have reservations about the minimum corporate tax agreement. If Ireland does not agree, the EU, as a system that requires the agreement of all member states, will not be able to reach a consensus. In order to reach an agreement, the United States may then grant partial exemptions or propose compensation and make concessions on issues of concern to the European Union, such as digital taxes.

According to Zhibao's research, if a global tax alliance with OECD member states as the core and digital tax and corporate tax as the two pillars is finally concluded, it will greatly strengthen the legal effect of extraterritorial tax collection and administration in the United States, bring about many possibilities of multilateral mutual assistance in tax collection and management, and is expected to completely change the current predicament of "throwing rats and taboos" in cracking down on corporate tax evasion. Once the fundamental problem of the loss of tax sources is solved, the US fiscal revenue will increase. According to the research on profit transfer in recent years, the tax revenue recovered is roughly between 0.2% and 0.5% of GDP in the United States, that is, between $44.8 billion and $107.1 billion a year.