The G20 approved a “historic” global tax on multinationals – Telam

G20 Finance Ministers’ Summit in Venice. Twitter photo: @ g20org.

The G20 finance ministers approved in Venice a “historic” agreement for the imposition of a tax on multinationals, with the aim of putting an end to tax havens and which should come into force in 2023.

This is a deal for a “more stable and fairer” international tax architecture, which institutes a global tax of “at least 15%” on the profits of multinationals, according to the AFP agency.

The countries which represent 85% of the world GDP want to tax fairly the digital giants who largely evade taxes.

The global minimum tax would affect less than 10,000 large companies, those with annual turnover exceeding 750 million euros“

Several members of the G20, such as France, the United States and Germany, have campaigned for a rate above 15%, but several members of the working group of the Organization for Economic Co-operation and Development (OECD), like Ireland or Hungary, still do not give. signals.

Ireland has applied a rate of 12.5% ​​since 2003, very low compared to other European countries, which has enabled it to host the European headquarters of several technological giants such as Apple and Google.

During the day, the islands of Saint Vincent and the Grenadines instead signed the agreement, according to the OECD page, so 132 passes in favor will be achieved.

In the declaration, the ministers called for the approval of the 139 members of the OECD working group which brings together advanced and emerging countries.

The reform aims to distribute equitably among countries the right to tax the profits of multinationals and targets the “100 most profitable companies in the world, which alone make half of the world’s profits”, explained Pascal Saint-Amans, director. of the Center for Tax Policy and Administration.

The global minimum tax affect less than 10,000 large companies, that is, those whose annual turnover exceeds 750 million euros (890 million US dollars).

A minimum effective rate of 15% generate additional revenue of $ 150 billion per year, according to the OECD.