G20, the “Global minimum tax” approved: what is the minimum tax on multinationals
A 15% rate that, according to the OECD, will generate $ 150 billion in additional global tax revenue each year
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Among the main results achieved so far during the G20 in Rome, there is the approval of the “Global minimum tax”, a new world regime for the profits of large companies, technological and otherwise.
This is an international taxation system that had already been agreed, after years of stalemate, last July 1st at the OECD, the Organization for Economic Cooperation and Development. Now, at the meeting of the great of the Earth, it has been formally approved.
WHAT IT PROVIDES - The tax aims to guarantee more equity, especially with a view to recovery after the serious economic crisis caused by Covid-19.
The system obliges large companies, especially the giants of the web that have grown in recent years from Amazon to Facebook, to pay a minimum rate of 15% regardless of the country in which they operate. One way to make tax evasion more difficult and discourage multinationals from moving to places with lower tax rates.
The global minimum tax rate applies to the overseas profits of multinationals with 750 million euros ($ 868 million) in sales globally.
Not only that, the agreement also provides that multinationals with revenues of over 20 billion euros can also be taxed in countries where they make profits and not only in those of tax residence.
The OECD, which led the negotiations, estimates that the minimum tax will generate $ 150 billion in additional global tax revenue each year. After approval by the heads of state and government, the minimum tax agreement must be transformed into law in the various countries, with the aim of implementing it in 2023.
"Here at the G20 the leaders representing 80% of world GDP - allies and competitors - have given their clear support to a strong global minimum tax", US President Joe Biden wrote on Twitter, stressing that "this is not only a fiscal agreement, it is diplomacy that transforms our global economy and puts itself at the service of citizens ".
(Unioneonline / D)
