The tax revolution is coming soon: an agreement on a global minimum corporate tax rate, which would apply to the largest and most profitable multinationals around the world, well beyond just GAFA (Google, Apple, Facebook , Amazon), is now possible in July at the Organization for Economic Co-operation and Development (OECD), more certainly in the fall, according to information from the World.
Such an agreement could bring more than 100 billion dollars (84 billion euros) into state coffers each year, severely strained by the Covid-19 pandemic and the shutdown of the global economy. .
Meeting Wednesday April 7 by videoconference, the finance ministers of the G20 – the group made up of the nineteen richest countries and the European Union (EU) – have indeed taken note of the support of the Biden administration to the project of global tax reform entrusted to the OECD for four years. They said they wanted to reach an agreement “By mid-2021” on such a floor rate, everywhere in the world.
Two days earlier, the American Janet Yellen, Secretary of State for the Treasury, had unveiled the position of the new Biden administration on this file eagerly awaited by the international community: “We are working with the G20 countries to agree on a minimum corporate tax rate, which can stop the race to the bottom”, she had declared without reservation. A declaration in line with the commitments made by Joe Biden during the campaign for the presidential election, breaking with the political choices of Donald Trump.
A fiscal aggiornamento
From Tuesday April 6, Gita Gopinath, chief economist of the International Monetary Fund (IMF), welcomed the prospect of such a global agreement, saying “Very favorable to a global minimum tax on companies”. Transferring money to tax havens “Worries us a lot”, she argues, because he “Reduces the tax base on which governments can collect revenue and make necessary social and economic spending”.
The IMF has calculated that the fiscal measures adopted by the G20 countries, since the start of the Covid-19 pandemic, reached $ 12.7 trillion, not counting the investment plan of some $ 2 trillion announced by the US President Joe Biden. A global effort that will have to be well funded.
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