Correspondent in Paris
The OECD has reported that the working group that was preparing the foundations of a new world tax system has reached an agreement endorsed by some 130 countries, willing to ‘impose’ on more than a hundred multinationals a first planetary tax of 15%.
The group that has worked in the framework of OECD integrates the great countries of the G20 and to almost all the countries of the North and South, developed and the developing ways.
The provisional agreement, negotiated within the OECD, informally, must be presented to the finance ministers of the G20 next July 9 and 10, in Venice. If that G20 financial council accepts the proposal, as it seems to be foreseen, they would be laying the foundations of a new world tax system, to which more than a hundred large multinationals would have to submit, starting with the famous Gafa (Google, Apple, Facebook and Amazon). Tax havens could lose a lot of ‘attractiveness’ and states on five continents could find a new source of income.
According to the unofficial sources that have had access to the draft international agreement, the great reform in the course of advanced gestation would have two basic chapters: A world minimum tax of 15%; and an ‘automatic’ redistribution of this new tax destined for the States where large multinationals do their business and are established, including many developing countries.
The negotiating process that could be in the process of reaching its destination has received a capital diplomatic boost from the administration. Biden, in the US, supported by the rest of the G7 members (UK, Canada, Germany, France, Italy and Japan). Once the federation principle had been established, the great powers of the north would have yielded to some demands of the countries of the south, less developed and perhaps more in need of new and important tax revenues.
If the agreement is finally accepted and ratified by the G20 finance council, in Venice, it could go into effect next year. It would be an important knock in the history of international taxation.
The pandemic of Covid-19 it has had a historically high financial cost, with an exceptional increase in deficits, debts and current expenses. The creation of a new world tax, if confirmed, could be an exceptional ‘boost’ for the international economy.
According to OECD, the possible agreement, once endorsed and officially approved by the G20, could provide all the economies of all states with a financial “oxygen balloon” of hundreds of billions of euros.