During a meeting on Saturday in Venice, finance ministers of the Group of 20 nations – a group that includes some of the world’s richest countries and accounts for more than 80 percent of global GDP – they agreed The agreement was reached a few days ago in the Organization for Economic Co-operation and Development to impose a minimum tax of 15 percent on large multinational companies.
German Finance Minister Olaf Schulz and European Commissioner for Economics Paolo Gentiloni described the deal, which could generate $150 billion in tax revenue annually worldwide and reduce tax evasion practices by large multinational corporations, as “historic” by the US Treasury Secretary said It is “there is still a lot of work to do”. Indeed, the implementation of the agreement may face great difficulties in both the US Congress and Within the European Union.
– Paolo Gentiloni July 10, 2021
The agreement has not yet received final approval at the Group of Twenty, which will be held in Rome in October. It provides for a more balanced distribution of tax revenue across countries and offers a global minimum of 15% on profits of companies with global revenue of at least 20 billion euros annually, and a profit margin of at least 10%.