The quest for a fair tax regime has culminated in the decision by the G7 to recommend the introduction of a global minimum tax of 15%, says Khaya Sithole.
This week, in a resort in England, the world of global economics may experience its most seismic shift since the introduction of the World Trade Organisation (WTO) in 1995. Back then, the need to achieve fairness and equity in global trade emerged as the consensus moment of all role players.
In the room were countries that had historically lagged behind the global economic curve and would always struggle to compete for a slice of the global trade cake. The ways in which countries had always protected their territory and sometimes extracted an economic advantage needed a neutral player with the ability to assess the fairness of trade practices.