G7 Finance Ministers Meet on COVID Response, Tax and Debt Policies

Discussing global COVID response and tax policy, G7 finance ministers began two days of meetings on Friday.

"All countries face revenue loss when corporations don't pay their share in taxes," noted Jubilee USA Executive Director Eric LeCompte, a United Nations finance expert. "The G7 needs to support global tax reforms so we have resources for people to get beyond this pandemic."

The G7 is discussing a global corporate minimum tax to pave the way for a July G20 agreement.

In a National Security Study Memorandum released on Thursday, President Biden pledged to lead international efforts to bring transparency to the US and the international financial system.

“Biden is right to focus so much energy on a global corporate minimum tax, digital taxes, tax evasion and corruption," said LeCompte. "Tax evasion and avoidance are reasons why we didn't have enough revenue to prevent the current crisis."

Through Saturday the finance ministers also have talks on debt, global vaccine distribution and deploying emergency reserve funds for developing countries also known as Special Drawing Rights.

"The G7 needs to lead the way to make sure that everyone in the world can access vaccines," stated LeCompte.