Economy: towards a global corporate tax?

Economy: towards a global corporate tax?

The G7 finance ministers met on Friday June 4 in London (United Kingdom) to study the issue of a global minimum tax. A deal could be announced in July.

Economy: towards a global corporate tax?

It is a fiscal and social aberration that could end. Paradox of a globalized and ultra sophisticated economy, the largest companies often evade taxes. “Tax dumping cannot be an option for Europe, and neither can it be for the rest of the world”, said the Minister of the Economy, Bruno Le Maire, in an article published in The Guardian, Friday, June 4. In the sights of the G7, this weekend in London, the major digital groups, but also oil companies and other multinationals. It was the United States that restarted the talks with a proposal from President Joe Biden: to tax large corporations at least 15%.

66 billion euros per year expected

A figure that may seem low, but which would operate a revolution within the states that would collect this tax, with an expected gain of 66 billion euros per year, according to the Organization for Economic Co-operation and Development (OECD). Large multinationals rely on tax havens to avoid tax, such as Bermuda, Bahamas, Jersey, Cayman Islands or the United Arab Emirates, where the tax rate is 0%. Detailed proposals should be presented before the G20 in Venice in early July.