The secretary of the OECD, who participated this Tuesday in the World Economic Forum in Davos (Switzerland), which today celebrates its second day, He acknowledged that he hoped to seal a multilateral agreement in the middle of this year, although he does not see it likely to take place until the end of the year.
However, Cormann confirmed that an agreement on the technical aspects is likely to be reached in order to present it to the G20 finance ministers meeting in November. With all this, he calculates that the practical implementation of this tax will start in 2024.
The agreement requires states to adapt their national legislation, which is not easy because there are countries that even have to change the constitution, as is the case with Switzerland.
The position of the countries
Despite this delay and the technical difficulties involved in the tax, the OECD secretary is optimistic, given that “once there is a critical mass of countries that impose a minimum level of corporate taxation on profits generated in their jurisdictions, it is very difficult not to join” of this pact.
This is a historic reform of the international tax system, which will ensure a minimum tax rate of 15% in corporate tax for multinationals that earn more than 750 million euros for the activity they carry out in any country.
In 2021, some 140 OECD countries and jurisdictions approved this initiative, which was transferred to the G-20, which also endorsed it.
Source: Ambito
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