The agreement on the Global Tax was presented as “historic”, with the hope that the countries that until now have said no to the agreement on an international tax reform that includes a minimum global tax “change their minds”. To say this, after the financial G20 in Venice which blessed the agreement found at OECD level, is the Minister of the Economy, Daniele Franco. Of the 7 countries that at the level of the Organization for Cooperation and Development have not signed the agreement, 3 are Europeans, Hungary, Estonia and Ireland.
Global Tax, the call for an agreement between all countries
“All the G20 countries have found an agreement with respect to this area and our ambition is to reach an agreement between all the countries”, said Franco, according to which in any case an agreement between the countries that “represent over 90% of world GDP puts some pressure on everyone else with respect to the possibility of joining the collective effort “. “Each country must accept the compromise”, concluded the minister.
Global Tax, a study reveals the doubts: it will affect only 78 of the 500 largest companies in the world
However, doubts emerge. According to a study by the European Network for Economic and Fiscal Policy Research, cited in the Manifesto, the minimum global tax will affect only 78 of the 500 largest companies in the world and will allow for a total of 87 billion dollars. Almost 45% of this total (i.e. $ 39 billion) will be paid by US technology companies. Big techs like Amazon, Apple, Microsoft, Alphabet, Intel or Facebook alone will pay around $ 28 billion. In Europe, there will be only 37 companies with revenues exceeding 20 billion dollars.
Global Tax? “A political scam”
The Manifesto speaks of “extreme modesty of the figures compared to the colossal evasion and avoidance that has been going on for at least forty years” and of “political fraud. The trick is to have applied a modest minimum rate (15%), very close to the average already used by states that compete with unfair taxation such as Ireland (12.5%), only to companies with revenues of more than $ 20 billion with a rate of return on revenue of more than 10%. the drastic limitation of the minimum tax to a number of subjects which in any case will not exceed 100 worldwide “.
Furthermore, according to the Manifesto “the 15% rate does not represent the minimum effective taxation level to which multinationals would in fact be subjected. Discounts must be foreseen. There will in fact be a generous series of deductions that will considerably reduce the tax base”.