Solidarity with poor countries and the tax on multinationals on the menu of the G20 Finances
"We will have to show persuasion," explains Bruno Le Maire, the French Minister of the Economy.
AP - Kamil Zihnioglu
Text by: RFI Follow
4 min
The G20 Finances opens this Friday, July 9 in Venice for two days.
In face-to-face, the Ministers of Economy and Finance of the 20 richest countries will tackle several issues, solidarity with the poorest countries confronted, as the director of the IMF says, "
to a devastating double shock after the pandemic
”.
There will also be a question of the global tax on multinationals.
The negotiations are far from over.
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The principle of a worldwide tax of at least 15% seems to be in place.
The figure could still change.
The United States would like to negotiate a higher rate.
But above all, it will be necessary to convince the countries which are still recalcitrant within the European Union, Ireland, Hungary and Estonia who wish to keep their fiscal haven of peace.
To adopt this tax, unanimity must be achieved within the Union.
“We
will have to be persuasive,
” explains Bruno Le Maire.
The Minister of the Economy hopes to ratify these new rules this weekend, which should apply in 2023. This tax could bring states 150 billion dollars in more tax revenue each year.
See also Agreement at the OECD on a new system of taxation of multinationals
We may wonder how all of this can be orchestrated ...
Antoine Colonna, tax lawyer
Alexis Bedu
►
Read also:
The G7 commits to a global corporate tax rate of 15% minimum
No rebound in growth in poor countries
The second project of this G20 Finances, solidarity with the poorest countries which are still facing the pandemic for lack of vaccines, and which therefore do not experience the rebound in growth in rich countries.
Under discussion this weekend: the new issue of SDRs, the IMF's Special Drawing Rights, in the amount of 650 billion dollars.
The G20 countries must agree on the redistribution of these SDRs to the most vulnerable countries.
A commitment made by Emmanuel Macron at the last summit on the financing of African economies.
►
See also: G20 Finances: NGOs call for a massive support plan for poor countries
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