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G7 Strikes 'Historic' Agreement Over Global Corporate Tax Rate

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G7 Strikes 'Historic' Agreement Over Global Corporate Tax Rate SHAWWAL 25, 1442 AH SUNDAY, JUNE 6, 2021 16 Pages Max 50º Min 35º 150 Fils Established 1961 ISSUE NO: 18452 The First Daily in the Arabian Gulf www.kuwaittimes.net Delhi, Mumbai ease lockdown Facebook imposes 2-year Trump Sotheby’s selling first The Budapest exception: 7 as India COVID numbers fall 8 ban, revises rules for politicians 12 NFT that sparked a craze 15 Packed stands at Euro 2020 G7 strikes ‘historic’ agreement over global corporate tax rate Deal to tax multinational companies and squeeze havens LONDON: Finance ministers from wealthy G7 taxation, Britain’s Treasury noted that “the largest nations yesterday endorsed a global minimum cor- and most profitable multinationals will be required porate tax rate of at least 15 percent, rallying behind to pay tax in the countries where they operate - and a US-backed plan targeting tech giants and other not just where they have their headquarters”. multinationals accused of not paying enough. US Welcoming the move, Facebook’s vice president Treasury Secretary Janet Yellen hailed the of global affairs Nick Clegg tweeted that the com- “unprecedented commitment”, saying in a statement pany wanted “the international tax reform process that a global minimum tax “would end the race to to succeed and recognize this could mean... paying the bottom in corporate taxation”. more tax, and in different places”. British finance Facebook even got behind the move despite the minister Rishi Sunak, who chaired the talks held in social media giant facing the prospect of having to person after an easing of COVID-19 restrictions, pay more tax - while non-governmental organiza- expressed delight at “a historic agreement to reform tions said it did not go far enough. Following the the global tax system”. two-day gathering in London, the G7 said in a final Sunak said the G7 had agreed to make the sys- communique that it will “commit to a global mini- tem “fit for the global digital age”, as he thanked his mum tax of at least 15 percent on a country by counterparts for striking “a deal of historic signifi- country basis”. cance”. The landmark move comes as governments The G7 - comprising Britain, Canada, France, seek to repair finances battered during the pan- Germany, Italy, Japan and the United States - said it demic by slashed tax receipts plus vast spending hoped to reach a final tax agreement at the July and borrowing. The London gathering has also pre- gathering of the expanded G20 finance ministers pared the ground for a summit of G7 leaders in group. The G7 also committed to making companies Cornwall, southwest England, starting Friday, and carry out mandatory reporting regarding the cli- which Biden is set to attend. mate impact of their investments. Momentum has grown behind the US-led plans It additionally said it will continue to support to limit the ability of multinationals such as tech “the poorest and most vulnerable countries as they giants to game the tax system to boost profits, LONDON: Top officials pose for a family photo on the second day of the G7 finance ministers’ meeting at address health and economic challenges associated especially at a time when economies around the Lancaster House yesterday. —AFP with COVID-19”. Regarding the commitment on Continued on Page 2 16 stranded Riyadh holds Indian sailors first concert return home since COVID By Sajeev K Peter RIYADH: Hundreds gathered Thursday for the first concert in the Saudi capital since the start of the KUWAIT: All 16 Indian sailors who were stranded COVID-19 pandemic to watch performances by onboard the ship MV Ula in Kuwait for the past 14 Syrian diva Assala Nasri and Kuwaiti crooner months have reached their homeland safely. The KUWAIT: Sixteen Indian sailors who were stranded in Nabeel Shuail. Before stiff rules were brought in a sailors left Friday on a ‘Vande Bharat’ mission flight Kuwait for the past 14 months are seen at Kuwait year ago to stem the spread of coronavirus, the RIYADH: Kuwaiti singer Nabeel Shuail is seen on bound for New Delhi with tickets arranged by the International Airport prior to their departure to India ultra-conservative kingdom had started to ease large screens at a theatre hosting the first concert in Indian Embassy in Kuwait, a press release issued by on Friday. decades-long restrictions on entertainment, as part the Saudi capital since the start of the COVID-19 the embassy said. of efforts to improve its image and attract tourists. pandemic late on June 3, 2021. — AFP The sailors were stranded on the ship after it sincere gratitude to the Kuwaiti leadership and the “This is the first concert to take place in Saudi was detained at Kuwait’s Shuaiba Port since concerned authorities in the country, including offi- for a very long time,” said one spectator at the con- Jackson to 50 Cent and Korean pop group BTS - for February 2020 following a legal dispute between cials from the ministries of foreign affairs, communi- cert, held in a restaurant of a large Riyadh hotel. concerts that were unimaginable in the conservative the ship’s owner and the owner of its cargo. The cations and interior; Kuwait Port Authority and cus- “We are delighted to come from Kuwait to attend country just four years ago. The pandemic put a sailors had gone on hunger strike over the pro- toms authorities for their cooperation and support. the concert,” said a Kuwaiti tourist. Saudi Arabia brake on the country’s ambitious push to revamp its longed crisis. All the other formalities including The embassy’s officers regularly coordinated has officially recorded more than 454,000 coron- global image and draw tourists. medical checkups and PCR tests were arranged by with each of these departments to resolve the com- avirus infections, including 7,408 deaths. But Riyadh is now accelerating a nationwide vac- the embassy prior to the departure of the plex issues involved and ensure the crew’s depar- It was not the first concert - Italian tenor Andrea cination drive as it moves to host sports and enter- crewmembers in cooperation with the authorities in ture to India. The embassy will continue to remain Bocelli sang in April at the ancient Saudi city of tainment extravaganzas, all pandemic-hit sectors Kuwait, the release added. in touch with the authorities to follow up on other Hegra, a UNESCO World Heritage site. Saudi Arabia that are a bedrock of the “Vision 2030” program to Indian Ambassador Sibi George expressed his issues involved, the release added. has hosted international musicians - from Janet diversify the oil-reliant economy. — AFP Finland FA ‘Sea snot’ on offers hijabs Turkey’s shores to players alarms residents ISTANBUL: A thick, brown, bubbly foam VANTAA, Finland: Finland’s foot- dubbed “sea snot” has covered the shores of ball association has begun offering a VANTAA, Finland: Kamila Nuh (left) the Sea of Marmara, alarming Istanbul resi- free “sports hijab” to any player who and Nasro Bahnaan Hulbade, both 13 dents and threatening marine life. The natu- wants one, in a move designed to years old, pose for photos at the rally occurring mucilage was first document- attract a greater diversity of players beginning of a football training ses- ed in Turkey in 2007, when it was also seen into the sport. So far, the FA has dis- sion at the MUP Stadium on June 1, in parts of the Aegean Sea near Greece. But tributed “dozens” of the head- 2021. — AFP this outbreak is the largest on record, blamed scarves, which are made out of tech- by experts on a combination of pollution and nical, stretchy fabric, Heidi Pihlaja, to use a scarf or not. It doesn’t flap global warming, which speeds up the growth head of development of women and around as much as normal and you of algae responsible for the slimy sludge. girls’ football, told AFP. don’t need to tuck it into your shirt,” “Of course it affects our work,” fisherman “In Finland, it’s been really hard to 13-year-old Nasro Bahnaan Hulbade Mahsum Daga, 42, said as the viscous sub- get girls of immigrant backgrounds told AFP during a training session at stances lapped rows of surrounding boats. into football clubs,” Pihlaja said. “So her club VJS in Vantaa, in the Finnish “You know what it does to shellfish? When we wanted to start this initiative to capital. “It’s easier to run in it,” said they open up, it prevents them from closing welcome everyone, regardless of her teammate Kamila Nuh. up again because it gets in the way. ISTANBUL: This aerial photograph taken on Friday shows mucilage in the Marmara Sea at a your religion and whether you want Continued on Page 2 Continued on Page 2 harbor on the shoreline. — AFP 2 Established 1961 Sunday, June 6, 2021 Local Kuwait Amir’s envoy delivers letter to Yemen president RIYADH: His Highness the Amir Sheikh return of the Yemeni government to Eden. In Yemeni case.” Nawaf Al-Ahmad Al-Jaber Al-Sabah’s a statement for Eden Satellite Channel, the Meanwhile, Kuwait Society for Relief envoy, Foreign Minister and State Minister Minister said, “we positively discussed ways said on Friday it completed handing out for Cabinet Affairs Sheikh Dr Ahmad Nasser to create a suitable atmosphere to imple- 6,000 food packs to people in Yemen Al-Mohammad Al-Sabah, delivered a letter ment the Riyadh agreement signed by the across five governorates as part of a cam- from His Highness the Amir to Yemen’s Yemeni government and the Southern paign, which has been ongoing for six years President Abd Rabbo Mansour Hadi in Transitional Council in November 2019.
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