A global rate of at least 15% to be applied in each country where a multinational operates, and a tax to be demanded everywhere, no longer only where the multinational itself decides to have its tax domicile.

This is the historic agreement emerged from the London G7 of June 5, which targets the multinational companies all, but in which many read the names of the Big Tech: Amazon, Apple, Google, Facebook, Microsoft.

Combined with the 15% overall measure, in fact, the figure is defined as anti-avoidance, with the imposition of a tax on 20% of profits above the 10% profit threshold, an amount to be reallocated in the countries where multinationals make their own sales.

At the moment it is a desired, because, although shared by the seven great (including Italy), to become productive the agreement needs to gain greater consent.

And it will shortly, during the next G20 that will be held in Italy, in Venice, from July 7 to 11.

The tax for large companies that came out of a G7 with the financial ministers (for Italy was present Daniele Franco, at the debut in this kind of fora) dominated by the personality of the former president of the Fed and new secretary to the Treasury of the US administration

All agree with the great positions: the tax is a great achievement anything but obvious for the European Commissioner for Economic Affairs Paolo Gentiloni and \ a historical step towards greater tax equity \, for the Italian Council President, Mario Dr

But how much will it take to see this tax at work? Years, surely, after all the foreseeable accidents of course that could change its magnitude and applicability.

As I said, the agreement of the seven majors must first be ratified by the G20 (in which China and Russia participate, let us not forget).

Then it will have to go to the parliaments of individual countries, especially those where the tax facilitated for multinationals is the main lever for economic support. One example is Ireland and Hungary, which apply a 12.5% corporate tax.

But also in Switzerland, where we are already wondering whether, in the face of a minimum global taxation, multinationals will be inclined to have their own representatives in Zurich or Geneva, and will consent to accept to pay the high salaries that are notoriously characteristic of the Swiss employment relationship.

A tax not only for Big Tech

The most obvious target of the minimum global rate and a tax on the earnings to be reinvested in the territory, it was said, is the Big Tech, known for having always a lively relationship with the ministries of finance, at least of the European countries, in the sense of

The first comments to the London Agreement are that of the Irish Finance Minister, who claims to use tax leverage as a means of legitimate competition.

Green Ireland has been a favorite home for the Big Techs since the late 1990s when the first product support and localization centres were established there.

But there is also a substantial ‘non-opposition’ by Big Tech, which, reports the agencies, welcomes a balanced agreement and lasting stability for the global tax system.

A non-unfriendly, awaiting position, not least because it does not agree that it is, since the administration (Joe Biden) of the world’s largest power would have preferred a global rate of 21%.

But also because Big Techs know that multinationals are not limited to those that produce technology.

There are also those in the mining sector and the pharma, to mention two sectors that have played and play a pivotal role in the era of the pandemic.

The stakeholders involved in the new glbal taxation are, in essence, many more than those who appear at first.

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