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Technology giants will pay more taxes

Technology giants will pay more taxes

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Dated September 17, 2021, Soy502 commented on paying more taxes from tech giants.

1. Agreement to pay more taxes

In a historic compromise, 132 countries have signed up to an agreement to make tech giants pay more tax, the UK government said. The details for the implementation of this global tax reform should be in place and finalized by October 2021.

This unprecedented agreement, which brings together the generators of 95% of the World Gross Domestic Product, is based on the joint decision of the richest and most developed economies in the world to impose a minimum tax of 15% on profits to large technology platforms such as Google, Amazon, Facebook or Apple, worldwide.

2. Years of intense debate

Commentator Dina Fernandez noted that, after years of intense debate to adapt tax regulation to the major technological changes that have revolutionized global trade and consumption in recent years, the G7 agreed to support the U.S. government’s proposal to impose a minimum tax of 15% on the profits of the world’s largest companies with profit margins of 10% or more.

This initial commitment, sealed in London in June 2021, was ratified by the G20 a month later, in the city of Venice, with the support of 132 countries convened by the Organization for Economic Cooperation and Development, OECD.

3. Overall commitment

The heads of finance and central banks of the G20 undertook to finalise the details of the implementation of this new fiscal framework in October 2021, in order to apply it as soon as possible.

The U.S. Treasury Secretary, for her part, declared that “the world is ready to end this race to the bottom on corporate taxation and there is broad agreement on how to do it”.

Source: Soy502 20/09/21

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