Explained: what is the G7 and why is the 2021 summit in Cornwall?
G7 leaders agreed to maintain the global fiscal stimulus launched during the pandemic on Saturday and put at the heart of it a US-backed infrastructure initiative dubbed the ‘Build Back Better for the World’ plan.
US President Joe Biden pushed his fellow leaders to show that the elite group can act as the engine of recovery for countries suffering the Covid-19 induced pandemic downturn.
The offer for high quality financing for vital infrastructure, from railways in Africa to wind farms in Asia is part of a White House vision that leading democracies can retake their role leading multilateral cooperation.
Emmanuel Macron, the French President, emphasised support for a new era in international co-operation in a bilateral meeting with the US president at the Carbis Bay summit in south-west England.
"What we need is co-operation and I think its great to have a US president part of the club and very willing to co-operation," he said. "What you demonstrate is that leadership is partnership."
Mr Biden responded with his pledge to demonstrate "America is back" a point that reinforces his China policy and sets the stage for his first presidential meeting with Vladimir Putin next week.
Officials said that in the round table meeting the US pushed for strong language in the final communique on Russia, supported by the host Boris Johnson and the Canadian leader Justin Trudeau.
Germany's Angel Merkel argues that the pressures of the pandemic means keeping links alive with Beijing and that specific "action-oriented" measures are not helpful. In that the German leader got support from Mario Draghi, the Italian leader.
The influence on the global economy by the perceived rivals to the Western nations has been the great preoccupation of the meeting. The likely outcome is a joint task force to target areas that the US can build cooperation on policies with its allies over time.
As democratic nations we have a responsibility to help developing countries reap the benefits of clean growth through a fair and transparent system
The infrastructure initiative not only provides additional funding for developing countries in embracing a "greener recovery" but also represents a counterweight to China's Belt and Road initiative as a source of diplomatic leverage. Chinese diplomats retort that the "time is over" for a small elite group of countries to marshal global development.
While the framework lacks a firm budget, again as a result of German opposition, backers belief it can support sustainable development and green transitions in developing countries.
UK officials said the proposal would grant developing countries access to more finance to accelerate a global shift to renewable energy and sustainable technology. The initiative would form part of the Cop26 Summit in November also in the UK.
“As democratic nations we have a responsibility to help developing countries reap the benefits of clean growth through a fair and transparent system," Mr Johnson said. "The G7 has an unprecedented opportunity to drive a global Green Industrial Revolution, with the potential to transform the way we live.”
The British host of the gathering had a tough Saturday morning as the meetings got under way in earnest. He was pressed by European leaders to live up to the terms of the Brexit deal that London now says cannot be implemented for Northern Ireland trade.
Northern Ireland protocol fallout isolates UK
The UK prime minister lashed out at his European guests and warned he may soon be forced to suspend a key part of the Brexit deal agreed just last year.
He said the EU leaders needed to "get it into their heads" the protocol was interfering with the UK's national markets. "I think that to be fair there's quite a lot of misunderstanding around the EU about the situation in Northern Ireland, the balance of the Good Friday Agreement, the peace process," he said.
"I was just, in a gentle way, getting across what that means and I think that we'll have some pragmatic solutions."
The leaders of the G7 – the US, Canada, Britain, Germany, Italy, France and Japan – view the gathering at Carbis Bay as a chance to show the world that the richest democracies can offer help to a recovering global economy. Pledging to help vaccinate the rest of the world is the most pressing plank of this recovery.
Director general of the World Health Organisation, Tedros Adhanom Ghebreyesus, on Saturday welcomed the sharing sentiments but said “we need more, and we need them faster.”
“The challenge, I said to the G7 leaders, was that to truly end the pandemic, our goal must be to vaccinate at least 70 per cent of the world’s population by the time the G7 meets again in Germany next year.”
At the opening session, the members were joined by South Korean, Indian, Australia and South African leaders as well as Antonio Guterres, the UN Secretary General.
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
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
Tomb%20Raider%20I%E2%80%93III%20Remastered
%3Cp%3EDeveloper%3A%20Aspyr%0D%3Cbr%3EPublisher%3A%20Aspyr%0D%3Cbr%3EConsole%3A%20Nintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20series%20X%2FS%0D%3Cbr%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
