The world’s largest economies, grouped together in the G7, have agreed on the introduction of a global minimum tax, which is aimed primarily at transnational technology giants. It should reduce the incentive to shift corporate profits to tax havens.
State treasures can look forward to an additional hundreds of billions of dollars. The G7 countries have agreed to introduce a minimum tax on the profits of multinational companies of 15 percent. Although it is not said that only technology companies should be subject to it, this tax is directed against them. For them, the transfer of profit within the framework of tax optimization is the easiest, and it is difficult for individual states to prove that they generated it on their territory.
The agreement came during a weekend summit held in London. British Treasury Secretary Rishi Sunak said it was “a historic agreement that will reform the global tax system and adapt it to the digital age.” According to US Treasury Secretary Janet Yellen, this is an unprecedented commitment that will end what is called a race to the bottom in the field of global taxation. “This is bad news for tax havens,” said Olaf Scholz, head of the German state coffers.