“It is necessary to unify this new progressive age of globalization.”

"It is necessary to unify this new progressive age of globalization."

Tribune. After thirty years of liberal globalization, a new cycle opens before us. Without violating the benefits of openness, it rebuilds the conditions for public sovereignty and establishes climate issues on the model of a new prosperity. In order to escape the rise of authoritarian nationalisms and the detrimental effects of uncooperative globalization, it is necessary to unify this new age of globalization, the “globalization of progressivism”.

The restoration of public sovereignty is primarily financial. The financial crisis of 2008 demanded huge public spending and financial assistance to the economy to “save the banks”, making what was hitherto unbearable: massive tax optimization organized by the rich and the largest companies. After that, the response of the larger states is organized. Thus, in 2014, the states agreed to end banking confidentiality: now, when a bank holds a foreign individual’s number holder, it must refer to the status of the main tax residence of the interested party. Thus, the data of 5 million accounts held abroad by French citizens were handed over to the tax authorities.

End of tax deduction

The second phase of tackling the tax optimization of large companies is now opening. This discussion should lead to the global taxation of multinational companies by at least 15% on all profits worldwide this summer. Profits ranging from $ 500 billion to $ 600 billion (41 412 billion to 5 495 billion), which are tax deductible today, will be taxed tomorrow in the country where they were manufactured or in the country where the company is headquartered. Thus the profits of the digital giants can no longer be located in Ireland and later in the Cayman Islands without taxation, either in the United States or in the purchasing countries. This new global tax sharing is still to be negotiated, but the agreement will actually be signed at the end of the tax breach for multinational companies.

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The article is reserved for our subscribers Read this too Multinational tax transparency: Europe seeks a compromise

The European agreement reached in early June on “reporting by country” is moving in the same direction. All major European companies are obliged to publish the profits they make in each European country, and not just their consolidated results. From now on, big companies will have to play open book. It completes all of this: in 2019, the French government recovered 12 billion euros in additional tax revenue. According to preliminary estimates, the agreement with multinational companies will help to share more than $ 100 billion annually between states.

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