Tensions and interruptions, then concessions and advances. And suddenly after two days of power talks, Wednesday 30 June and Thursday 1is In July, a global agreement was obtained with 130 countries on reforming global taxation to tax more and better the hundred largest and more profitable multinationals, including the famous GAFA (Google, Apple, Facebook, Amazon).
Meeting in Paris to prepare the final version of the project, which will be presented on 9 and 10 July to the G20 finance ministers (19 richest countries and the European Union), the working group known as the “inclusive framework” . The OECD, which brings together rich and emerging countries, has achieved its objective: to reach an agreement for future reform.
“MNCs will no longer be able to pit countries against each other to lower tax rates and protect their profits at the expense of public revenues”, US President Joe Biden reacted in a statement. The average corporate tax rate worldwide has dropped from 40% in 1980 to 25% today. German Finance Minister Olaf Scholz called A. spoke of “Higher taxes are not heavy towards justice”, and his French counterpart, Bruno Le Maire, “Most important international tax agreement concluded in a century”, while the United Kingdom has a . Welcome to the crossing “new stage” Towards global tax reform.
neutralize the tax haven
The text implementing this reform, described as historic, is built on these two pillars: a global minimum tax of at least 15% that virtually neutralizes tax havens at the zero rate (Cayman Islands, Virgin Islands British, Jersey, etc.). will do it. ); and redistributing a portion of the surplus profits of multinational companies to the states in which they do business, including many developing countries, because they are not there.
With 130 of the 139 countries in the Inclusive Framework grouping, the agreement is unquestionably global. All G20 giants have signed up, including India and China, as well as most developing countries. Argentina was tempted for a time to secede, in favor of a more radical and more liberal agreement, notably the arguments of the Independent Commission for the Reform of Taxation of Multinational Companies (ICRICT) based on a minimum tax at 21%. Inspired by – the rate originally proposed by Joe Biden to start the debate – and a greater distribution of taxes in favor of emerging countries.
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