The Finance Ministers of the G7 nations appear to have heeded the advice to ‘never let a good crisis go to waste’ when they agreed last week to set a global minimum tax of at least 15%. With the COVID-19 pandemic having caused the world economy to shrink by an estimated 3.5% in 2020 and forced most countries to dip into their coffers to mitigate the fallout, the seven richest nations opted to use the opportune moment to plug a key loophole in the international tax regime. In a communique, the G7 Ministers stressed that as part of efforts to secure a ‘Safe and Prosperous Future for All’ they would strongly back the broader efforts under way through the G20/OECD to address tax challenges arising from globalisation and digitalisation of the economy. The rapid and relentless march of technological advancement, especially in the domain of global communications and connectivity, has resulted in a world economy where the digital sphere, estimated in 2016 at $11.5 trillion or over one-sixth of
The Centre has announced a much-needed course correction in India’s vaccination policy with Prime Minister Narendra Modi taking the podium to announce that the month-old decision to leave States to procure vaccines on their own for their 18-44 population would be ending in two weeks. States were allowed to procure 25% of the vaccines manufactured and the Centre 50%, a policy that the Supreme Court termed “irrational and arbitrary”. The Court’s comments have had a salutary effect. From June 21, the Centre will be procuring 75% and States will no longer have to pay vaccine companies for the same. Vaccines will continue to be free for all those who choose to get their shot at government centres. The 25% vaccines that were allotted to private hospitals will continue too, though the service charges that they charge will be capped at ₹150. This ceiling price on vaccines in hospitals will bring predictability and be hugely beneficial to citizens. The Centre, which controlled all supply of
