A historic agreement. This is what everyone defined it, from the English Chancellor of the Exchequer Rishi Sunak to the French Minister of Economy, Bruno Le Maire. The agreement is the one on global taxation, reached in London by the G7 finance ministers. Agreement “on the principle of a minimum global rate of 15% for the taxation of large companies, applied country by country” which, according to what the British Treasury writes on Twitter, will result in “a squeeze on tax avoidance” that will charge ” the fair share »to the Big Tech multinationals. According to the Treasury, “the major global companies, with profit margins of at least 10%, will see 20% of all profits above this threshold reallocated and taxed in the countries where they make sales.”
The cases of Amazon and Microsoft
The reference is to cases such as those of Amazon or Microsoft, until now potentially able to escape any tax rate through the mechanism of legal domicile in places other than those in which they pocket their profits, which exploded further during the pandemic. . Up to sensational cases such as the zero taxes paid in Ireland by the local Microsoft branch on 315 billion euros of annual profit, thanks to domiciliation in Bermuda.