G7: Tax authorities and multinational corporations, a “historic” agreement for a joint taxation of at least 15%

Milan – The optimism that prevailed tonight was confirmed at the G7 summit in London, where finance ministers meet with big names in economic and financial affairs: the first “face-to-face” appointment since the pandemic. British Rishi Sunak, the owner, was the first to report Reuters A “historic” agreement on taxation of multinational corporations, a “first step that needs further progress in the G20” that will create “common ground” in taxation for all global companies.

The obligation to adopt ب Global rate of at least 15% Such as corporate tax, corporate profit tax, which, according to Sunak, will help fight “tax havens” and also address the issue of taxing digital giants: “once there is a global solution” on taxing the profits of multinational corporations as a whole, the need for One tax collection to this for web giants.

Then the British Treasury stated on social media accounts that the G7 ministers (the United States, Japan, Germany, France, the United Kingdom, Italy and Canada) had reached an agreement “on the principle of Global rate of at least 15% To tax large corporations, each country applies separately.” This part of the agreement, which tracks what the US is proposing, contrasts with the “emphasis on tax evasion” that will make people pay ‘Fair share’ of major multinational technology companies. According to the Treasury, “the largest global companies, with profit margins of at least 10%, will see 20% of all profits above this limit be reallocated and taxed in the countries where they sell.”

In the Bloomberg Chart, the red line represents a global tax of 15% on multinational corporations (according to the US sliding proposal on the OECD scale) with respect to (the blue bars) the country-by-country situation

The reactions of the heroes of the discussions began closely. “Here we are. After 4 years of battle a
A historic agreement has been reached with G7 member states on a minimum corporate tax for digital companies and giants. “France can be proud,” said the minister across the Alps. Bruno the mayor. US Treasury Secretary Janet Yellen spoke of an “unprecedented commitment that will end the race to the bottom in corporate taxation, and ensure equality for workers in the United States and around the world.”

There are also meetings Daniel Franco for Italy e Paolo Gentiloni to the European Commission. The latter noted that “it was a very positive meeting that allowed us to build bridges on critical issues. The chances of reaching a global agreement have greatly increased. Now we must go a final way to extend this consensus to all members of the G-20 and to all countries participating in the framework of the Economic Cooperation Organization.” and comprehensive development,” Gentiloni said. “The Commission will actively contribute to these ongoing multilateral discussions to ensure that an ambitious agreement is reached in July,” the EU commissioner added.

German Finance Owner, Olaf SchulzHe repeated the term “historic” and added that companies would no longer be able to evade taxes by making profits in low-tax countries. Moreover, for Scholz, the next step will be to discuss the G7 agreement with a broader group of partners from the OECD and the G20. The main goal is to engage China and Russia. “The G7 decision on international tax justice is historic,” he said. “This is great news for tax justice and solidarity and bad news for tax havens around the world.”

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Harold Manning

"Infuriatingly humble social media ninja. Devoted travel junkie. Student. Avid internet lover."

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