Yusa, V. Visco: News from Yellen about taxes for big global companies

Usa, V. Visco: novità da Yellen su tasse grandi imprese globali

ROME, April 8 (askanews) – News from the United States about the imposition of taxes on large global companies. Former Finance Minister Vincenzo Visco reports in a statement on behalf of INP that the march towards the assumption that a minimum rate of corporate profits can be set at the G-20 level needs to be carefully monitored. Doubt – underscores Visco – The Biden administration’s economic policy is very innovative and even dangerous (inflation) in terms of budget policy, but the news is also announced on the revenue side, where it expects big companies to levy higher taxes on higher income tax rates and increases. It is in this context that Yellen’s declaration that the U.S. will support the minimum rate theory for joint-stock companies globally should be considered. This is not a question – economists have pledged the OECD to stick to a US proposal, but a review of the tax system by multinational corporations, and the Trump administration has competed and opposed it. On the G20 in February, in line with Yellen’s first international release, the American green light announced the first “pillar” of the OECD proposal, which required multinational companies to prepare a global budget for all companies. The group is committed to ensuring that non-taxable profits are redistributed in different countries today under the traditional practice of “permanent institution”, and that multinational companies operate according to predetermined distribution formulas, so taxing rates is unique to each country. ” The second “pillar” – continues Visco – is precisely contained in the theory of presenting the lowest rate for corporate profit at the G-20 level. This will help to avoid the financial waste that countries like Ireland, Luxembourg and the Netherlands are carrying out today. Together the two “pillars” will ensure additional income for more developed countries. With the strong support of the US, there is a good opportunity to finally present the measures that have been planned for a long time and are still on standby. So this is an important step. Whether it is decisive will depend on the details. For example, if a single tax rate is limited to 15%, progress will not be as impressive, and if it exceeds 20%, the multinational corporations will face significant, perhaps radical, change and reaffirmation in their tax system. The predominance of political power over the power of large global corporations “.

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