Multinationals will find it harder to escape tax after the G7 agreement
- The G7 finance ministers have signed an agreement in London that has been described as historic. For the first time, it has been agreed to establish a minimum overall tax of 15% for public coffers. Large companies will thus find it more difficult to circumvent tax payments and, at the same time, several countries will avoid tax dumping, making the presence of tax havens more difficult.
The leaders of the major world economies (US, Canada, Japan, UK, Germany, France, Italy and the European Union as guests) have left an unprecedented agreement for the summit next weekend.
G20 finance ministers in Venice (Italy) will meet on 9 and 10 July and the aim will be to reach a global agreement to establish a minimum corporate tax and a tax on large digital companies, according to French Minister of Economy Bruno Le Maire.
Closing the source to large companies and several countries
With a minimum overall tax of 15%, the aim is to tighten the barrier to tax-avoidable companies and profit-benefiting countries. The journal Eldiario.es has collected on social media the opinion of Tax Justice on the agreement that has come to an end. The organization has made a comparison: countries, as a result of the current tax system, stop receiving enough money to pay the almost 34 million annual salaries of nurses or, in other words, the annual salary of a nurse is not collected in every second.
According to the OECD investigation, the five jurisdictions most responsible for tax losses are as follows: Kaiman (responsible for 16.5% of global tax losses, equivalent to over 58.7 billion); the United Kingdom (10%; over 35.8 billion); the Netherlands (8.5%; over 30.2 billion); Luxembourg (6.5%; over 22.6 billion) and the United States (5.53%; over 19.3 billion).
Tax Justic Member Alex Cobham has considered that we need to be very careful with the agreement reached: "The G7 has reached an agreement on an international tribute that is primarily aimed at recovery. It's a big deal, but it's not enough: in the end, they've decided to bring the international tax system to the 21st century, but only enough to take advantage of it blatantly, leaving the rest of the world behind."
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