The finance ministers of the 20 richest countries on the planet have also appealed to states reluctant to the agreement.
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Enthusiastic, the signatories greeted a text “history on a more stable and fairer international tax architecture”. G20 members have “approved” Saturday July 10 the agreement establishing a worldwide tax“at least 15%” on the profits of multinationals, they announced in a statement.
The finance ministers of the 20 richest countries on the planet have also appealed to recalcitrant countries, the declaration having been signed so far by 132 of the 139 members of the OECD working group which brings together advanced and emerging countries. . “We invite all members” of this group says “inclusive framework” OECD-G20 which “have not yet joined the international agreement to do so “, underline the ministers.
The big money-makers also called this group “to deal quickly with the remaining questions” and to present “a detailed plan for the implementation of the two pillars” agreement by the next G20 meeting in October.
The “pillar 1” consists in reallocating part of the profit tax paid by multinationals to so-called countries “Steps”, that is, those where they carry out their activities. The tax will therefore no longer be due only where their headquarters are located. In the line of sight, companies which achieve more than 20 billion euros of turnover worldwide and whose profitability exceeds 10%.
Its objective: to prevent multinationals and especially Gafa [acronyme désignant les géants Google, Amazon, Facebook et Apple], who have benefited greatly from the Covid-19 pandemic and the lockdowns, pay derisory taxes in relation to their income.
The “pillar 2” corresponds to the introduction of a minimum effective tax rate “at least 15%” on the profits of multinationals. A State will be able to tax the foreign profits of one of its national companies which would have been taxed abroad at a rate lower than this minimum rate, in order to compensate for the difference.