Victory for Donald Trump and US big tech.

The world's seven largest economies - including Italy - have reached an agreement to prevent the country's biggest companies from paying more taxes abroad.

A move welcomed by Washington and other countries but which could radically change the agreement on the global minimum tax of 2021.

The agreement reached at the G7 "will facilitate further progress in stabilizing the international tax system", including a "constructive dialogue" on safeguarding the "tax sovereignty of all countries", is underlined in a note from the Canadian rotating presidency. Now the agreement will be discussed in the coming weeks at the OECD, the international organization that four years ago reached the historic agreement on the "global minimum tax" to put an end to the tax avoidance practices of multinationals, in particular US Big Tech.

"The agreement formalized at the G7 on the global minimum tax is an honorable compromise - commented the Minister of Finance Giancarlo Giorgetti - found with the American administration that protects our companies from the automatic retaliations originally foreseen by clause 899 of the Obbba under examination by the US Senate. We must continue to work in this direction and promote dialogue".

(Online Union)

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