La global minimum tax, ie the minimum tax of 15% to be applied to the profits of multinationals worldwide, he received the green light from 130 countries, including China. This is a significant step forward towards the adoption of the measure, which so far had only been approved in the G7. The agreement, announced by the OECD, is a victory for US President Joe Biden, the first supporter of the measure.
The 15% rate was judged too low by some commentators: on the other hand, in Ireland some web giants had come to pay a ridiculous tax on profits produced in Europe, ranging between 0,2 and 2%. This is why, according to the OECD, the 15% Global Minimum Tax would allow for recovery every year a tax revenue between 100 and 240 billion of dollars.
“It is a historic day for economic diplomacy – commented the US Treasury secretary, Janet Yellen – The agreement brings together countries they represent more than 90% of world GDP. We have taken a step forward to end the race to the bottom."
According to the US president Joe Biden, "the competitive field of economic competition will become more equal and this will allow us to collect more income, to invest for the new generations, to maintain a strong competitiveness of the USA".
Satisfaction was also expressed by Italian treasure: “The news coming from the OECD is a step forward towards the political agreement on the reform of the taxation of multinationals that we intend to reach at the G20 Finance, scheduled in Venice next week under the Italian presidency – commented the Minister of Economy , Daniel Franco – We are confident in the possibility of reaching an agreement at the G20 level on the structure of new rules for the reallocation of profits of large multinationals and for effective minimum taxation which would radically change the current architecture of international taxation, making it appropriate to the characteristics of the economy world of the XNUMXst century".
Politically, not all obstacles have been overcome. Despite the general agreement found with China, it cannot be excluded that new difficulties will arise in the future with tax havens within the European Unioni.e. Malta, Ireland, Holland, Hungary and Luxembourg. Ireland, Hungary and Estonia have not yet signed up to the agreement, while Nigeria, Kenya, Peru and Sri Lanka have also declared themselves against it.
On a technical level, however, the most important details to be defined concern country localization criteria in which multinationals produce turnover and profits. In fact, the growth of digital technology has made the old rules obsolete, which referred to the physical presence of companies in the various countries with offices and staff employed in the area. This is the theme that the G20 will now have to address: appointment in Venice on 9 and 10 July.
