Tax for multinational companies, G20 – historic agreement on the economy

Tax for multinational companies, G20 - historic agreement on the economy
G20 in Venice

Historic agreement on global taxation in the G20 of Venice Finance. A contract The race for corporate taxation is coming to an end. The race to the bottom that has been going on for decades Unfair competition and significant tax cuts These companies paid. After years of operation by the OECD and the green light of the G7, the Italian presidency of the G20 is coming to a point where it will have to return to taxing at least 15% and taxing the profits of multinational corporations in the countries where it operates – ending its favorable jurisdiction. With the support of countries that represent 90% of world GDP. “For the first time, we are drafting laws to impose taxes on large multinational corporations,” said Finance Minister Daniel Franco after a two-day meeting with finance ministers and governors at Arsenal in Venice. There are still seven countries in question, three of which are European, namely Ireland, Hungary and Estonia. Many details that complicate the negotiations are still missing: the minimum tax rate that France and others want to exceed 15%, to redistribute a fixed share of the profits: the OECD will file details, achieve the goal on October 30 and 31 in Rome with G20 heads of state and government coming into force by 2023 with effect from 20 Progress.

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