The Hindu Editorial (Encouraging accord) – Jun 10, 2021
The Finance Ministers of the G7 nations appear to have heeded the advice to ‘never let a good crisis go to waste’ when they agreed last week to set a global minimum tax of at least 15%. For further reading, visit “The Hindu”. Below is today’s word list-2 for The Hindu Editorial (Encouraging accord) – Jun 10, 2021.
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The Hindu Editorial (Encouraging accord) – Jun 10, 2021:
- accord (noun) – agreement, settlement, treaty, deal; consensus.
- global minimum tax (noun) – A global minimum tax establishes a system under which a company from a specific country will pay at least a certain percentage of its profits in taxes, regardless of where in the world those profits are being earned.
- political will (noun) – political desire/intention.
- G-7 or Group of Seven (noun) – a multilateral forum made up of the world’s seven largest so-called developed countries: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. They meet annually to discuss and exchange ideas on a broad range of issues, including global economy, security and energy.
- fairness (noun) – impartiality, equity, righteousness, lack of favoritism.
- augury (noun) – a sign of what will happen in the future; sign/signal, indication.
- heed (verb) – pay attention to, take notice of, listen to, notice.
- never let a good crisis go to waste (phrase) – a famous quote by Winston Churchill after WWII. Churchill’s insight on human nature can also be applied to the crisis we face today.
- pandemic (noun) – the worldwide spread of a new disease; The illness spreads around the world and typically affects a large number of people across a wide area.
- shrink (verb) – lessen, reduce, decrease.
- dip (verb) – decrease, fall/drop, slump.
- coffers (noun) – funds, reserves/resources, treasury/exchequer.
- mitigate (verb) – reduce, diminish, lessen.
- fallout (noun) – adverse results/consequence; after-effects, repercussions.
- opportune (adjective) – favourable, advantageous, timely, well timed, appropriate, suitable, relevant.
- plug the loophole (phrase) – change something so that there is no longer a loophole (flaw/fault/defect).
- loophole (noun) – ambiguity in the law; flaw/fault, defect.
- regime (noun) – system.
- communique (noun) – official communication, press release, bulletin.
- stress (verb) – emphasize, draw attention to, highlight, underline, underscore.
- secure (verb) – obtain, acquire, gain, get.
- prosperous (adjective) – flourishing, thriving, successful, burgeoning.
- back (verb) – support, endorse, uphold, champion.
- under way (phrase) – in progress, happening, occurring, taking place.
- G-20 (noun) – The G20, formed in 1999, is a group of twenty of the world’s largest economies that meets regularly to coordinate global policy on trade, health, climate, and other issues. It brings together the world’s major advanced and emerging economies. The G20 comprises Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK and USA. The G20 Countries together represent around 90% of global GDP, 80% of global trade, and two thirds of the world’s population.
- Organisation for Economic Co-operation and Development (OECD) (noun) – Headquartered in Paris, France, the OECD was formed in 1961. It is an international organization where the governments of 36 member states with market economies work with each other, as well as with more than 70 non-member economies to promote economic growth, prosperity, and sustainable development.
- address (verb) – tackle, deal with, attend to, try to sort out.
- globalisation (noun) – the process of making the trade of goods and services equivalent in all nations (Courtesy: VOA Learning English).
- digitalisation (noun) – digitalisation is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities. It is the process of moving to a digital business.
- relentless (adjective) – continuing, constant, continuous, non-stop, unabating, unceasing.
- march (noun) – progress, passage, development, evolution, continuance.
- domain (noun) – field, area, arena, sphere, sector.
- result in (phrasal verb) – cause, bring on, bring about, call forth, give rise to.
- Gross domestic product (GDP) (noun) – a measure of economic activity in a country. It is the total value of a country’s annual output of goods and services.
- exponentially (adverb) – rapidly, quickly, swiftly (in relation to an increase of something).
- outpace (verb) – surpass, outshine, do better than.
- exacerbate (verb) – intensify, increase, heighten, aggravate, worsen, compound.
- seek (verb) – try, aim, attempt.
- outgo (noun) – outlay, expenditure, expenses, spending, outgoings, money spent.
- the bulk of (noun) – most, larger part, larger number.
- jurisdiction (noun) – territory, region, province.
- spearhead (verb) – lead, head (a movement/protest); be in the forefront of.
- inclusive (adjective) – all-inclusive, comprehensive.
- framework (noun) – system, scheme, structure, organization.
- Base Erosion and Profit Shifting (BEPS) (noun) – it refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity.
- tax avoidance (noun) – an act of using legal methods to minimize taxable income or tax owed.
- collectively (adverb) – as a whole/group.
- deprive of (verb) – dispossess, strip of, deny, prevent from having.
- distortion (noun) – misrepresentation, falsification, misreporting, misstatement, manipulation.
- multilaterally (adverb) – in a way that is involving more than two nations or parties.
- equitable (adjective) – fair, just, unbiased, impartial, even-handed.
- abuse (noun) – wrongdoing, misconduct, misdeed, offence/crime.
- enterprise (noun) – business, company, firm.
- Tax Justice Network (TJN) (noun) – The Tax Justice Network was launched in March 2003 to focus on research, advocacy and campaign work in the role of tax havens and secrecy jurisdictions. It is an advocacy group consisting of a coalition of researchers and activists with a shared concern about tax avoidance, tax competition, and tax havens.
- far-reaching (adjective) – widespread, sweeping, overarching, extensive, profound, comprehensive.
- implications (noun) – consequence/outcome, ramification, repercussion.
- levy (noun) – imposition, charging, collection (of a tax, fee, fine).
- take advantage of (phrase) – make use of, utilize, put to use, use, benefit from, capitalize on, draw on.
- wrinkle (noun) – difficulty, snag, obstacle/drawback.
- iron out (phrasal verb) – resolve, settle, set right.
- equity (noun) – fairness, justness, neutrality, impartiality, egalitarianism.