Today, large multinationals pay taxes only in those countries where their headquarters are registered, regardless of where the income and sales are generated, thus leading to the concentration of wealth in only a few countries.
Last 07/01/2021 in the OECD 130 countries reached a historic agreement: the implementation of a minimum tax of 15% on large multinationals. This rate would be applied to companies with a turnover of more than 750 million euros (US $ 889 million). The new tax is expected to affect mainly large technology companies, luxury products and laboratories. For now, financial, mining and energy companies would be exempt.
Although this rate is not high in consideration of what the USA proposed (21%), the idea is to create a “global minimum” to stop competition between countries that offer increasingly lower taxes to large corporations.
In our opinion, this tax not only comes to equalize the distribution of taxes among the countries that agreed to this “global minimum”, but it also comes to homogenize the international tax system, which must be consistent with where the consumption or value is located aggregate.
In addition, we believe that this measure will be a direct benefit to the economic losses that COVID-19 is leaving with respect to the fiscal coffers of the countries, thus increasing the possibility of collecting taxes on the part of those who implement this tax and that is coming to add to the tax on digital services.
Javier Molina, Auren Chile