MEPs hail minimum global corporate tax rate deal as historic

This article is brought to you in association with the European Parliament.

On Wednesday morning, MEPs debated with Commission and Council the upcoming G7 summit and the topics they expect to be raised during the EU-US summit on 11 June.

During the debate with Commissioner Valdis Dombrovskis and Portugal’s Secretary of State Ana Paula Zacarias, MEPs praised the deal reached by G7 countries on the global minimum corporate tax rate of 15%. Several spoke of a “historic moment” in the fight against tax havens. Others criticised the EU for not being ambitious enough and not demanding that these taxes be higher. Some warned that the “deal is far from being done” and that it is still to be seen if all EU countries will accept it.

MEPs also highlighted the need to cooperate on a global level in the fight against COVID-19 and recovery from the pandemic, as well as working together on climate protection. They also insisted that biodiversity should be promoted and a more democratic world built.

Welcoming the Biden administration’s engagement on the international stage, many MEPs pointed to the need to develop a joint approach with the US in dealing with Russia, Belarus, and China. They expressed hope for the return to normal multilateral cooperation, stressing that it is necessary to concentrate on things that bring partners together, rather than those that tear them apart. MEPs also insisted that the two partners should work on overcoming their differences regarding planes, steel and data.

Watch the full debate here.

Background

Commission and Council presidents Ursula von der Leyen and Charles Michel will meet the US president on 15 June in Brussels. It is Joe Biden’s first international trip as US President.

Before the EU-US summit, the leaders of the countries that make up the G7 will meet on 11-13 June, at the summit in Carbis Bay, Cornwall .The 2021 summit will be their 47th meeting, and the first in-person in almost two years. The last time the G7 leaders met together in person was at the 2019 summit in Biarritz, France.