It is the political success of the “greats”, which some observers have attributed above all to US Treasury Secretary Janet Yellen. Of course, the diplomatic effort could also count on the contribution of US President Joe Biden, whose progressivism of the political agenda did not need further confirmation.
The agreement was found at G7, which also includes Italy, which met yesterday in London. Now it will be necessary to find the right place at the G20 and then at the OECD, the most representative international organizations. What is it about? In a nutshell of a “global tax“For multinational companies. Also including Facebook, Amazon e Google, the beneficiaries of the crisis, both if we look at the change in the lifestyle of the world population and at the balance sheets (here the stellar results of the first quarter of Facebook)
What is the US sponsored global tax and how does it work?
Multinationals will be taxed for at least 15%. To this rate one will be added national, that is, on the profits that the giants make at home: it amounts to 20% profits for companies that exceed 10 margin.
What does all this mean for Italy? In other words, how the thresholds identified by the “greats” translate into higher revenues for the state coffers? First of all, it should be emphasized that the agreement will be operational in a few years. And that our country already provides for a “digital tax” on the profits of tech multinationals. A measure that will be replaced by the global tax, but only when the latter comes into force.
How much more money for Italy from the new tax system for multinationals
The passage from words (political agreement) to deeds (operational rules) is not so easy to anticipate in the outcome. This is demonstrated precisely by the digital tax, overestimated by about 550 million. However, it is precisely from the digital giants that most of the revenue should come. In fact, these companies currently pay taxes in tax havens, where they have their registered office. With the global tax (which, it is good to repeat it, is striking all multinationals), according to the estimates of the European Tax Observatory, would arrive at the disposal of the Italian public machine 2.7 billion euros more.
Different speech for the taxation of non-technological multinationals, which would enjoy a facilitated tax system, with respect to which the global tax would move very little (here all the details on the measure that the G7 leaders agreed). The next step to make the agreement more concrete is the G20 in July: with the Italian presidency and scheduled for Venice.