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G7 announces historic agreement to tax multinationals

The G7 validated this weekend the idea of ​​an international taxation of at least 15% for large companies, and in particular GAFAM.

The idea was announced this weekend by the G7, an international gathering made up of France, the United Kingdom, Germany, Italy, Japan, the United States and Canada. The countries concerned thus validated the idea of ​​a new international tax legislation for large companies, and in particular GAFAM. If the text still has to be validated by the G20, which will be held next month, this unprecedented proposal could serve as the basis for an ambitious global tax reform, more suited to the digital age says British Chancellor of the Exchequer Rishi Sunak, who chaired the summit. The project is not actually new, but discussions have accelerated significantly in recent months with the arrival to power of the Biden administration, which has supported this reform. On the French side, Bruno Le Maire present on site welcomed a historic agreement resulting from “Four years of combat”.

GAFAMs in the sights

Unsurprisingly, the idea of ​​a single global taxation of at least 15% for multinationals should mainly affect GAFAM. This figure should also be a minimum, legal, since the United States has already proposed a tax of 21%. Good news therefore, even if the project is not yet ready to materialize. The agreement obtained by the G7 is only symbolic, and will have to be presented in July to the next G20 in Venice. If validation is obtained between the 20 members of the organization, the reform can then be considered more concretely. To compare, ireland, today considered to be the main European tax haven, today taxes large companies at 12.5%, compared to 34.43% in France. It is therefore not for its landscapes that Google, Facebook, Apple and Twitter have all chosen the country as their European headquarters.

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