The tax rate is proposed worldwide by the Organization for Economic Cooperation and Development (OECD) and supported by more than 140 countries.
He National government will send a project this Friday to National Congress to establish a Tax Minimum for Large Companies of 15% that will be included within the “offprint” of the Budget 2024, In the midst of the debate Organization for Economic Cooperation and Development (OECD) which published a series of detailed regulations to implement a reform of the international tax system.
Ambit had exclusive access to a document that details the measure with which the Government seeks to dismantle the maneuvers carried out by a group of companies to reduce the effective rate of payment of Income Tax. As a conclusion, the text highlights the need to move forward with “the application of a Minimum Tax of 15% to be calculated on the Accounting Income of large companies.”
The central objective of the initiative, also called “profit shifting”, is in line with the OECD and seeks ensure a minimum tax rate of 15% for multinational companies. According to official estimates, the group of companies that would be reached by the global minimum rate currently pays less than 3% on sales.
The head of Customs, Guillermo Michelgave details about the measure in statements with C5N and its complexity: “The effective rate they pay on sales, they pay 2.44%, obviously there is something that is not working. They are applying adjustment for inflation and losses incorrectly, and this inspection task is very complex because it requires looking company by company, it is not a simple task. “We’re going to go with this idea that everyone agrees with.”
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Minimum tax on large companies: what are the keys
The global minimum tax, proposed by the OECD and backed by more than 140 governments, targets large technology companies that are not based in the country. In this context, the measure seeks that countries commit to defining a tax floorthat is, setting a limit to avoid tax collections that are too low.
The application of the rate at a global level, according to the international organization, could generate additional collection throughout the world of US$220,000 millionthat is, the 9% of income to the treasury from corporate profits.
In the case of Argentina, the minimum tax would be calculated based on the Accounting results of the companies and an estimated collection of $1 billion.
The Government’s internal circulation report also clarifies that “the sum may be deducted from the amount to be entered corresponding to the Income Tax” and details that “in no case will a balance be generated in favor of the taxpayer.”
Source: Ambito
