This rate would affect less than 10,000 companies, those whose annual turnover exceeds 750 million euros
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, according to sources close to negotiations.
The ministers also agreed to launch an appeal to recalcitrant countries, since the declaration has been signed so far by 131 of the 139 members of the OECD working group that groups advanced and emerging countries.
The ministers invited those countries to join the agreement to address “the remaining problems,” including “a detailed plan for the implementation of the two key pillars” of the agreement for the next G20 meeting in October.
One of the pillars of the agreement consists of reallocating part of the income tax paid by multinationals to the so-called ‘market countries’, that is, those in which they carry out their activity and not in the host country.
The global minimum tax would affect less than 10,000 large companies, that is, those whose annual turnover exceeds 750 million euros (890 million dollars). A minimum effective rate of 15% would generate additional income of 150,000 million dollars a year (127,000 million euros), according to the OECD.
The objective is to prevent multinationals and especially Gafa (an acronym that designates the giants Google, Amazon, Facebook and Apple), from paying ridiculous taxes in relation to their income.
The Second Vice President and Minister of Economic Affairs and Digital Transformation, Nadia Calviño, has valued the agreement reached after years of negotiations and very active work by Spain in the multilateral framework to reach an agreement.
“This is an unprecedented agreement to try to establish a more just and robust system at a global level, adapted to the 21st century. It is a historic agreement, but it is not the end of the road, it is the beginning of a process in which we must continue working on a global and European level, ”said Vice President Calviño after the meeting.
This political agreement opens a negotiation process to close technical elements and allow more countries to join before the meeting of heads of government of the G-20 in October in Rome.