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In the run-up to last year’s hotly contested American general election between the Democrat’s Joe Biden and Republican’s Donald Trump, critics of Biden had a very interesting theory about what he intended to do to other world leaders if he won the presidency. According to Right Wing groups, Biden and his Illuminati friends planned to push for globalisation by imposing world taxes on other leaders. About a year since taking office, Biden welcomed world leaders in the US for the UN General Assembly annual meeting with a very strange request. It has now gotten people wondering if perhaps they were too quick to write off some of Biden’s critics as crazy conspiracy theorists.
“President Joseph R. Biden, Jr. will host President Uhuru Kenyatta of Kenya at the White House. The leaders will discuss the strong US-Kenyan bilateral relationship and the need to bring transparency and accountability to domestic and international financial systems,” said a White House statement on yesterday’s meeting that was concluded minutes to 10 PM local time.
All of the Group of 20 major economies, including China and India, which previously had reservations about the proposed overhaul, have backed the US-driven global minimum tax on multinational corporations.
Kenya, Nigeria and Algeria are among the top African economies that have yet to back the deal. Major African economies that have backed the agreement are Egypt, South Africa and Morocco.
The Paris-based Organisation for Economic Cooperation and Development (OECD), hosted talks earlier on about the overhaul of taxation rules. The body revealed that Kenya was missing from the list of 136 countries that have backed the agreement.
Kenya withheld backing for US President Joe Biden administration’s push for a global minimum rate of tax on multinational companies because the deal will stop Nairobi from collecting taxes from tech giants such as Google, Facebook and Amazon.
The tax standoff comes as negotiations for a free trade deal between Kenya and the United States face fresh hurdles after the expiry of a key legislative tool for getting faster Congress approval, dimming the prospects for its conclusion.
Yesterday President Uhuru Kenyatta met Mr Biden at the White House but a post meeting readout failed to give any substantial information. It simply said that the two leaders underscored the need for transparency in financial systems.
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