The G20 approved a 15% tax on the profits of multinationals

The G20 finance ministers approved this Saturday in Venice a “historic agreement on a more stable and fairer international tax architecture”, which establishes a global tax of “at least 15%” on the profits of multinationals

As confirmed by the German Minister of Finance, Olaf Scholz, the pact to support the tax mechanism of multinationals has been concluded by 130 countries and jurisdictions out of the 139 that are part of the so-called inclusive framework of the OECD.

“The G20 countries have agreed here that they want to tackle a new international tax order,” said Scholz. in statements to the accredited media in Venice (northern Italy).

G20 finance ministers and central bank governors met for two days in Venice and reached a political agreement to support this system, which it will try to prevent multinationals from evading tax or diverting their profits to tax havens.

This system is based on two pillars, one consists of rallocate part of the income tax paid by multinationals to so-called “merchant” countries», Ie those in which they exercise their activity and not in the host country; and in applying a minimum corporate tax rate of at least 15% to businesses with revenues as low as $ 890 million.

The global minimum tax it would affect less than 10,000 large companies.

A minimum effective rate of 15% would generate additional revenues of $ 150 billion per year, according to the OECD. The objective is to prevent multinationals and in particular Gafa (an acronym which designates the giants Google, Amazon, Facebook and Apple), from paying derisory taxes in relation to their income.

Scholz called the G20 deal a “historic moment” and said that when consensus was reached, “it erupted into applause” in the room., because “everyone understood that something big was happening”.

When asked if it would be possible for other reluctant countries in the European Union (EU), such as Ireland, Hungary or Estonia, which have attracted private investment for years because of their low tax rates, to join the agreement, he confided that they support the.

“I am absolutely sure that there will be an agreement in October,” said the German minister, convinced of the driving power of the G20, which represents “90% of world GDP (gross domestic product)”.

Development…