Three months ago in front of the most powerful countries in the world, Joe Biden had the basics to create a global revolution. The new president of EE UU has paid a minimum corporate tax of 21% all over the world, and has proposed that the multinational mayors pay tributes here and there to generate benefits. This radical giro with respect to its predecessor, Donald Trump, will not only block the negotiations of the Organization for Economic Cooperation and Development (OECD), calling for the revision of international tax rules. To reach a consensus, transform tributary dynamics and weigh down something that is still miles away in the public arcades: the illusion of taxes on the part of large corporations.
The countries will start to invest 206,000 million euros each year over the distribution of benefits to the multinationals in the territory of the new tribunal, according to the Tax Justice Network (TJN). This body calculates that if the OECD agrees to a minimum of 20%, only Spain will invest 4,300 million more than this year, this is a quarter of what is collected through corporate taxes. “The multinationals are serious about the minimum wage even if they transfer to a type of jurisdiction,” explains TJN’s executive director Alex Cobham.
The problem of the illusion of wine comes. It’s 1933. The New York Times Reveals that the banker JP Morgan did not pay any taxes on the rent in 1931 and 1932. The notice reads the criticisms of the same president, Franklin Delano Roosevelt — which he has already compared to Biden—. The magnate, indignant, realizes that there is no way to evade taxes that eludirlos. Only the first is illegal; the second is the result of approving the normative lagoons with an argument. The culprit, in the end, is the politicians, unable to subsidize the vacancies of their tax systems.
This anecdote appears in the book of economists Emmanuel Saez and Gabriel Zucman, The Triumph of Justice (Taurus, 2021), and offers an image that has been linked to the long sail of the last sail. The big difference is that the tax evasion has been spared thanks to one of the most sophisticated industries in fiscal engineering, which has increased the value of globalization and digitalisation. Multinationals, tax havens and territories of low tributary — some of them, within the UE — are the winners of this model, which has eroded the impressive bases and generated a career in the same type of corporate taxation.
Carrera a la baja
Given the jurisdiction of lower tribunals, these countries reduce taxes to attract bargains: the OECD average type of companies ranges from 32.2% to 23.2% between 2000 and 2020 — to 25% in Spain. In fact, much of what is happening here is the vacancies: 40% of the global foreign direct investment is phantom, according to the IMF. Es decir, has no productive activity beyond.
The Washington proposal, proposed by Treasury Secretary Janet Yellen, forms part of an ambitious plan — which, too, should raise the tax burden on national societies and create a minimum effective rate of 15% on tax-deductible benefits — for the economy of EE UU recovers the fuel through the pandemic. The furor has since generalized a shared problem. The UE al Gobierno Spanish or German, has the FMI, ha applauded the initiative. The Director of the Department of Public Finance of the Fund, Vitor Gaspar, explains that a tax imposition only for multinationals is not only for the public arcs:
Zucman has one more step. If the proposal of the EE UU is implemented, there will be a “collapse” of the model on which tax havens are supported. “It does not tend to mean that it imposes such important taxes”, explains: “A global minimum impetus can change the rostrum of globalization, even if its principals, the multinationals, pay more taxes, to pay what we have less. during the last four decades ”.
Acuerdo en verano
Pascal Saint-Amans is at the front of the OECD’s Center for Politics and Taxation, which aims to give 140 cases in favor of a minimum tax burden on companies and a system for multinationals, including all digital, benefits. Trump’s salvation from the negotiations that took place a year ago, but Saint-Amans hopes that the EE UU giro will propose a “fiscal peace” thanks to an “integral agreement”. Configure a political solution in July and keep the technical details for October. “It’s a limited place. There is now no one ”, afirma.
The next months will be intense. The OECD has a minimum rate of 12.5%, the difference between countries such as Ireland, a multinational refugee and one of the gateways to deviate from the benefits of tax havens, which it has shown skeptical with the Biden plan. Saint-Amans argues that there is no consensus on the least adequate type, and that the negotiation now has another dynamic: “We will not have to worry about it, and it is part of the discussion”.
The EE UU proposal also offers an advance for multinational tributes to produce benefits, even if they do not have a physical presence. The UE pretends to focus its efforts on technology — with the famous Google Google-; Trump, in anticipation of the bargaining chip, will apply to all multinational consumer-oriented businesses. Biden has estimated the market: one of 100 groups responsible for research at the meeting of global corporate benefits. Countries like France or Spain, which unilaterally approve of a digital bag, should withdraw if there is a consensus on this new paradigm, Saint-Amans says, who believes that the EU has a global pact: “I want to recognize and respect the process of OCDE ”.
The economist Jayati Ghosh, a member of the Independent Commission for the Reform of International Corporate Taxation (Icrict) —which has a minimum of 25% -, coincides with the proposal of the EE UU that the drastic change that will slow down the tax career a la baja. “The OECD process has been going on for years with real progress. “Because it does not support the solutions, because in the last instance political law enforcement did not force it to move between the developed countries,” she said. Pero EE UU is not an actor. If Biden’s pressure is strong, Ghosh cries that the rules of the game change: “Governors and citizens of all things have much to gain, and we must not allow the power of some large corporations to suffer”.