UK Prime Minister Boris Johnson and US President Joe Biden have been urged to promote and participate in global co-operation. AFP/EPA
UK Prime Minister Boris Johnson and US President Joe Biden have been urged to promote and participate in global co-operation. AFP/EPA
UK Prime Minister Boris Johnson and US President Joe Biden have been urged to promote and participate in global co-operation. AFP/EPA
UK Prime Minister Boris Johnson and US President Joe Biden have been urged to promote and participate in global co-operation. AFP/EPA

Experts' wish list for Cornwall G7 summit: global solidarity and a deal on vaccines


Tim Stickings
  • English
  • Arabic

G7 leaders can make next month's summit a success by seeking agreement on global vaccine supply and demonstrating the solidarity of the transatlantic alliance, a group of experts said.

The meeting in Britain will be the first in-person gathering of G7 leaders since the start of the pandemic and the first since Joe Biden replaced Donald Trump as US President.

“The G7 has come out of an induced coma and it’s still recovering from those traumatic few years,” said Joao Vale de Almeida, the EU’s ambassador to the UK.

A group of academics and political insiders told an event hosted by the Aspen Institute that a display of unity after the tumultuous Trump years would be a welcome signal.

“The optics are more important in this day and age than ever before,” said Charles Kupchan, a senior fellow at the Council on Foreign Relations.

“I think having Biden come to Europe and stand in solidarity with core allies is important. There’s an opportunity here to send a broader message about the return of solidarity of the Atlantic democracies.”

The experts called for leaders, including Mr Biden and UK Prime Minister Boris Johnson, to seek global co-operation on vaccines, economic recovery and climate change.

Rich countries are under pressure to provide more vaccine doses to developing countries rather than hoarding them for their own populations.

“If the G7 could come out with a pretty bold package of pandemic recovery that gets hundreds of millions of vaccines into the arms of people in low and middle-income countries, that would be a good thing,” Mr Kupchan said.

The gap between vaccine distribution in rich and poor countries has been condemned by the World Health Organisation, activist Greta Thunberg and religious leaders, among others.

Mr Biden this month signalled support for an intellectual property waiver in respect of Covid-19 vaccines, but the EU does not support the idea.

"I think the priority should be the vaccine issue and the patent issue," said Sylvie Kaufmann, the editorial director of French newspaper Le Monde.

“We have seen a lot of competition and they should come together at this gathering. I think there should really be a common view that this is a matter of urgency for the whole world.”

Robin Niblett, the director of Chatham House, said there might be a "landing ground" between the European and US positions, which would lead to technology being shared rather than patents waived.

But EU ambassador Mr Almeida said: “I don’t expect an agreement on patents out of Cornwall, the issue is far too complicated for that.”

G7 leaders, then including Donald Trump, last met in person in France in 2019. AFP
G7 leaders, then including Donald Trump, last met in person in France in 2019. AFP

Climate change on the agenda as Cop26 nears 

Britain is hosting the G7 meeting five months before it leads the Cop26 climate change summit in Glasgow.

G7 environment ministers, including US climate envoy John Kerry, were holding preparatory talks on Thursday and Friday.

Mr Niblett said leaders could use the June summit to seek more ambitious climate targets from countries such as Australia and India.

Those two nations will attend the G7 summit as guests, as will South Korea and South Africa.

The main seven leaders could “use that grouping to bring others along with them and make commitments they might not otherwise have made”, Mr Niblett said.

What the leaders can usefully do is to inject dynamism and drive and leadership

The experts warned against making the G7 an ideological alliance of democracies against countries such as Russia and China.

But they said the gathering in Britain could provide momentum on critical global issues.

“The G7 is not an organisation, it has no bureaucracy, it isn’t an institution like the UN or the World Trade Organisation or the WHO,” Mr Almeida said.

“It’s first and foremost a gathering where the leaders meet in the most intimate setting that I have witnessed.

“What the leaders can usefully do is to inject dynamism and drive and leadership.”

Scores

Rajasthan Royals 160-8 (20 ov)

Kolkata Knight Riders 163-3 (18.5 ov)

UNSC Elections 2022-23

Seats open:

  • Two for Africa Group
  • One for Asia-Pacific Group (traditionally Arab state or Tunisia)
  • One for Latin America and Caribbean Group
  • One for Eastern Europe Group

Countries so far running: 

  • UAE
  • Albania 
  • Brazil 
ARGENTINA SQUAD

Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A
Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

 

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Company profile

Name: Tratok Portal

Founded: 2017

Based: UAE

Sector: Travel & tourism

Size: 36 employees

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Director: James Cameron

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Always use only regulated platforms

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Courtesy: Crystal Intelligence

England squad

Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale 

Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White

Midfielders: Jude Bellingham, Conor Gallagher, Mason Mount, Jordan Henderson, Declan Rice, James Ward-Prowse

Forwards: Tammy Abraham, Phil Foden, Jack Grealish, Harry Kane, Bukayo Saka, Emile Smith Rowe, Raheem Sterling