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The Global taxation movement 130 countries are backing

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130 countries have officially signed on to implement sweeping new global taxation rates for corporations.

The changes have gained momentum in recent months following U-S President Joe Biden’s push to action the changes and get other nations onboard.

Countries including India, China and Switzerland have all agreed to the new broad framework that was drafted by the Organization for Economic Cooperation and Development. 

The OECD also says a group of 20 finance ministers will sign an agreement in principle next week at a summit in Venice.

The overhauls, which could be implemented as soon as 20-23, will prevent tax avoidance by multinational companies by enforcing a minimum global tax rate of at least 15-percent.

The new measures will also give smaller countries more tax revenue from foreign firms.

Some nations who have not yet signed onto the agreement include Hungary and Ireland – countries that have both previously attracted businesses due to their low tax rates.

The US Treasury Secretary says it is “an historic day for economic diplomacy.”

She says “in the United States, this agreement will ensure that corporations shoulder a fair share of that burden.

The Treasury secretary believes…we have a chance now to build a global and domestic tax system that lets American workers and businesses compete and win in the world economy.”

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly ticker Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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Indonesia’s inflation soars to a 5-year high

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Indonesia’s inflation rate has hit a five-year high, as businesses continue to pass rising costs onto consumers

As countries around the world deal with the rising cost of living, Indonesia’s inflation rate has exceeded predictions.

The country’s consumer price index rose just above 4 percent in June, which is the biggest year-on-year climb since 2017.

This blew the Bank of Indonesia’s estimates out of the water, with the Bank expecting a rise of between 2 and 4 percent.

Experts say June’s inflation was largely triggered by red chilies, cayenne pepper, cooking oil, and shallots.

Prices of food, beverages, and tobacco all rose above 8 percent, and transportation is also helping drive inflation, especially in airline passenger fees due to high fuel costs.

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Several dead after horror shooting at Copenhagen shopping centre

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Several people are dead after a gunman opened fire at a shopping centre in Copenhagen

A mass shooting incident in one of Denmark’s largest shopping centres has left several people dead and others injured.

A 22-year-old Danish man has been arrested, with police refusing to rule out the attack being an act of terrorism.

Authorities arrived at Field’s mall in the Danish capital late on Sunday afternoon local time, as people were told to stay put and wait for assistance.

Local media has published images of terrified shoppers running for safety, with eyewitnesses describing panic as gunfire echoed through the shopping centre.

Credit: EPA

Singer Harry Styles was due to perform in the city, but the concert has been cancelled. Attendees have asked to leave Copenhagen’s Royal Arena.

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The multi-storey shopping mall where the attack occurred is around 5 kilometres south of downtown Copenhagen.

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U.S. watching China ‘very closely’ over Taiwan

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The United States is watching China ‘very closely’, but a top official says an attack on Taiwan is ‘not imminent’

China views Taiwan as a breakaway province that must be reunified with the mainland, and by force, if necessary.

United States Chairman of the Joint Chiefs of Staff Mark Milley told the BBC that China is developing a capability to attack Taiwan at some point in time.

Milley says whether or not the nation does this is a political and policy choice, based on how the Chinese view the cost and risk-benefit at the time.

Beijing has accused Washington of supporting Taiwan’s independence vowing to ‘crush’ any such attempt.

Back in May, U.S. President Joe Biden said China was “flirting with danger” by flying warplanes close to Taiwan. The President has vowed to protect the island militarily if required.

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