The countries that were debating within the Organization for Economic Cooperation and Development (OECD) have reached an agreement this Thursday to reform the international tax system and that includes, as planned, a minimum rate of Corporation Tax at the global level 15%, as announced by the agency in a statement.

The declaration on taxation

has been signed by 130 countries of the world

, representing 90% of the gross domestic product (GDP) worldwide.

Among them are China and the United States, as well as the rest of the European powers, including Spain.

"After years of intense work and negotiations, this historic package will ensure that large multinational companies pay their fair share of taxes everywhere," explained OECD Secretary General

Mathias Cormann

.

"This package does not eliminate competition at the tax level, and it should not, but it sets agreed multilateral limitations. It also accommodates the different interests of the negotiating table, including those of small and developing jurisdictions," he added.

The participants of the negotiation have committed to finalize the technical work by the month of October 2021. The effective implementation of this international taxation will not take place until 2023.

The agreement reached this Thursday addresses the problems derived from the tax base and the transfer of profits by large companies to jurisdictions with low taxation.

As already agreed, the global agreement will focus on two pillars of action.

The first pillar includes multinationals

with global revenues of more than 20,000 million euros

and a profitability above 10%, excluding extractive companies (oil or mining) and those of regulated financial services. The fiscal framework will assign the revenues to the jurisdictions where the goods or services sold are consumed. Subsequently, profits in excess of that 10% (up to a maximum 30%) will be allocated to jurisdictions using revenue sharing in order to be subject to tax, according to the Europa Press agency.

The second pillar will cover companies that invoice

750 million euros or more globally

and includes that the minimum rate of Corporation Tax is 15% in all jurisdictions adhering to the agreement.

The OECD has stated that this new system "updates key elements" of the tax system, since it does not meet its objectives in a "digitized and globalized economy of the 21st century".

"The two-pillar package will provide much-needed support to governments in need of raising the revenue they need to repair their budgets and balance sheets while investing in essential public services, infrastructure, and the measures needed to help optimize strength and resilience. quality of post-Covid recovery ", has indicated the club of countries.

According to OECD calculations, pillar one of the package will reallocate to the different jurisdictions an additional tax base of $ 100 billion (€ 84.269 billion).

For its part, pillar two, with its minimum tax of 15%, will annually generate 150,000 million dollars (126,400 million euros) in tax revenue per year worldwide.

According to the criteria of The Trust Project

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