Global authorities celebrated on Thursday, 1st, the announcement of the American government with the Organization for Economic Cooperation and Development (OECD) for a global minimum corporate tax of 15%. On occasion, US Treasury Secretary Janet Yellen described it as “a historic day for economic diplomacy” and fighting a race of years with countries competing for whoever would reduce their corporate tax rates the most, she wrote on Twitter.
“No nation won this race. The lower tax rates have not only failed to attract new business, they have also deprived countries of financing for important investments such as infrastructure, education and efforts to fight the pandemic,” said Yellen. The secretary recalled that more than 90% of global GDP is covered in the agreement that contains 130 countries, and that now the US will be able to compete in a better position.
The President of France, Emmanuel Macron, said that a fair taxation of multinationals has been a pursuit of his government in recent years. With the proposal first being dealt with at the G7 level, the Frenchman wrote on his Twitter that “we are no longer seven, but 130 countries under the coordination of the OECD committed to a world minimum rate of at least 15%”.
UK Treasury Secretary Rishi Sunak indicated that at the G7 “we have reached a historic deal for multinational technology giants to pay the right taxes in the right countries.” Now 130 nations around the world, “including the entire G20, are now on board, marking another step in our mission to reform global taxes,” he wrote on Twitter.
Pedro Sánchez, president of the government of Spain, said that in the country it was always taken for granted that “the future is built with a society that leaves no one behind”, and called the announcement a “great social advance”.
The European Commissioner for Economy, Paolo Gentiloni, wrote that a “historic step has been taken today towards a fairer taxation of multinationals”. The Italian indicated on his Twitter that he is confident that the G20 “will support this unprecedented agreement next weekend in Venice”, where the group’s meeting with economic authorities will be held.
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