The leaders of the G20 (the group of the 20 most powerful countries in the world) confirmed over the weekend a historic agreement on an international reform that seeks to end tax havens by introducing a global tax of 15% on income from companies. multinational companies.
“The G20 approved a landmark agreement on new international tax rules, including a global minimum tax that will end the damaging race to the bottom in corporate tax,” US Treasury Secretary Janet Yellen said in a statement.
For his part, President Joe Biden considered that making consortiums pay taxes in the nations where they operate translates into support for people.
The approval was not a surprise, it was taken for granted after the 136 member countries of the Organization for Economic Cooperation and Development gave their approval to this measure in early October.
The reform will allow these 136 countries, which represent 90% of the world’s Gross Domestic Product (GDP), to have around 150,000 million dollars of additional income per year thanks to this minimum tax.
The next step is for each nation to legislate for its implementation as of 2023.
The measure is structured in two pillars. One of them is the tax rate, with a minimum tax of 15% for companies with more than 867 million dollars in turnover.
The other pillar seeks that the income paid by large companies reaches the countries where they obtain their income and not where they have their headquarters, thus limiting the controversial tax optimization practices.
This measure will be applied to multinationals whose global turnover exceeds 20,000 million euros (approximately 23,000 million dollars) and whose profitability is greater than 10 percent.
They will give 100,000 million dollars to vulnerable countries
Another of the agreements of the Group of 20, which held a summit meeting in Rome on October 30 and 31, is that it will make 100 billion dollars available to vulnerable countries to face the health crisis.
This amount is part of the global amount of 650,000 million dollars of Special Drawing Rights (SDR) issued by the International Monetary Fund to face the crisis caused by the pandemic.
We welcome the recent pledges of around $ 45 billion as a step towards the ambitious $ 100 billion in voluntary contributions to countries most in need, ”said the leaders.
Strengthen global supply chains
World leaders also discussed how to strengthen global supply chains to make them more resilient in the face of future health crises, as well as climate change and even planned attacks, Reuters reported.
Problems in the supply chain are exacerbating as the economy leaves the pandemic behind and demand moves faster than supply, threatening to slow the recovery.
Reference-www.eleconomista.com.mx