The global minimum tax, the first goal achieved by the G20 in Rome

The G20 leaders have agreed at their summit in Rome to adopt a new global minimum tax on multinationals, with the aim of balancing the international tax system.

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The first day of the G20 leaders summit in Rome Today, after lengthy negotiations, it has achieved a first objective achieved. It’s about the adoption of a global minimum tax on multinationals to balance the international tax system.

G20 leaders have agreed to a global minimum corporate tax of at least 15%, to achieve a fairer tax system and prevent them from taking advantage of compliant tax regimes and not paying taxes where they operate.

The mechanism to be adopted by 2030, and follows the path outlined by the Organization for Economic Cooperation and Development (OECD) of a system based on two pillars.

The first fixes that the volume of the residual profit of the companies, that is, the remainder after the country where the headquarters is located has kept the tax corresponding to 10% of the profitability, will be distributed among the countries where they operate.

The second establishes a minimum rate of 15% for companies that have a turnover of at least 750 million euros.

The OECD has reported that 136 countries and jurisdictions, which cover more than 90% of world GDP out of the 140 that participate in the negotiations, have agreed that for the first pillar the figure is 25% of that residual profit.

This refers to large companies with a global turnover of more than 20 billion euros and a profitability of more than 10%, and the profit sharing would be made between countries where each company has revenues of more than one million euros (250,000 euros in small states).

The Italian presidency has ensured that the objective of this new tax is to guarantee tax rules “fair, modern and effective, keys to promoting investment and growth “.

For his part, the president of the United States, Joe Biden, has signed the agreement and has assured that, in this way, the international community “will help people by making companies contribute by paying their share” of taxes.