two. Scope: The bill seeks to tax for a single time the profit of large companies that in the current fiscal year obtain a profit of more than $1,000 million and that meet the following conditions:
A. that your profit is greater than 10% of your income.
B. that the profit for the current fiscal year is 20% greater than that of the previous fiscal year, in real terms.
3. Aliquot: The raised tax rate is 15% and would be applied to the difference between the profit of the current year and that of the previous year.
Four. Who should pay it?: Around 350 companies would be reached, if the project is approved without modifications. This project only affects companies, not individuals.
5. Collection: The approximate amount that would be raised would be $200,000 million. The progressive corporate income tax represents barely 5.4% of GDP. It is below the regional average.
Other international experiences
- Italy: will tax energy companies and expects to collect 4 billion euros from companies that have increased their profits between October 2021 and March 2022. It will apply an extra 10% rate.
- United Kingdom: seeks to tax unexpected income at a rate of 25% to energy companies that produce gas and oil.
Within the framework of the G7, the member countries (Canada, the United States, Japan, France, Germany, Italy and the United Kingdom) have begun to consider how States should relate to multinational companies, and laid the foundation for a new international tax system , through the establishment of a global minimum tax of 15% for large multinational corporations.
Source: Ambito
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