An agreement described as “historic” by the Chancellor of the Exchequer Rishi Sunak who chaired the meeting as representative of the organizing country. The G7 Finance, which was held in London, has committed to the goal of a minimum global corporate tax rate of “at least 15%”, according to a joint statement released this Saturday in ‘after a two-day meeting.
The compromise of the Seven (United Kingdom, France, Germany, Italy, Japan, United States, Canada) for a global tax reform “adapted to the digital age”, as described by Rishi Sunak, thus sends an important boost for the G20 meeting to be held in Venice in July, where a more concrete agreement is expected.
The final text of the press release also mentions the commitment to a better distribution of the rights to tax the profits of large multinationals, mainly digital and American, the second “pillar” of the reform put forward by the OECD and including nearly 140 countries. .
The G7 countries want to put an end to tax competition in the world which, according to them, is harming everyone at a time when state coffers have been emptied by the pandemic, while the digital giants have particularly benefited from the crisis . The American giant of social networks Facebook for its part ensured in the wake of wanting that “the international tax reform succeed”. The group’s public affairs director, Nick Clegg, “acknowledges that this could mean Facebook is paying more taxes and in different places,” according to a statement on his Twitter account.
“France can be proud! “
On Twitter, Bruno Le Maire, the Minister of the Economy, also welcomed a historic agreement on minimum taxation on companies and digital giants. “After 4 years of fighting, a historic agreement has been reached with the G7 member states on minimum taxation on companies and on digital giants. France can be proud! He says.
Same tone from the US Secretary of the Treasury who hailed an “unprecedented commitment” from the G7 Finances.
In addition to this agreement, the ministers considered that once the economic recovery is well anchored, it will be necessary to guarantee the “long-term sustainability of public finances.” “