The G7 finance ministers reached an agreement "on the principle of a minimum global rate of 15% for the taxation of large companies, applied country by country", which will also be valid for digital giants.
According to the British Treasury, "the largest global companies, with profit margins of at least 10%, will see 20% of all profits above that threshold reallocated and taxed in the countries where they make sales".
"I greet with great satisfaction the agreement on the taxation of multinationals reached today in London by the finance ministers of the G7. It is a historic step towards greater equity and social justice for citizens."
This was declared by Prime Minister Mario Draghi.
For US Treasury Secretary Janet Yellen it is "an unprecedented commitment that will put an end to the race to the bottom." The G20 could be the seal of this agreement, extending it to many other protagonists of the world economy ", says European Commissioner Paolo Gentiloni.
Google and Facebook in favor of the G7 agreement on the global taxation of multinationals, which directly affects their interests even if it does not go as far as explicitly targeting digital giants, as France would have liked. Nick Clegg, Facebook's vice president of global affairs, said shortly after the announcement that "we want international tax reform to be successful, and we recognize that it could mean a higher tax burden for Facebook, and in several countries." A Google spokesperson, according to Sky News, said the group is strongly in favor of the initiative and hopes for a final "balanced and lasting" deal.
