French Finance Minister Bruno Le Maire (Bruno Le Maire) said that he hopes to implement a landmark global corporate taxation agreement by 2023.
“We have waited too long to adopt this international taxation system,” Le Maire told CBC News. Power and politics.
“Now is the time to decide to adopt this new system and implement it, for example, in a year or two, [but] Running out. “
Le Maire said that he expects the finance ministers and central bank governors of the world’s 20 largest economies to approve tax plans at the G20 ministerial meeting in Venice this week.
“We could have been at the G20 level, within a few hours, in 20 [of the] The most important country in the world,” he said.
If fully implemented, the plan will completely reform the global tax system and make it more difficult for large multinational companies to transfer their business to jurisdictions with low tax rates.
“This is the first time we have hit the bottom of the game,” Le Maire said.
“I am convinced that this tax race to the bottom is obviously a dead end because it does not provide the necessary public funds for public services.”
He said that the tax agreement will target technology giants, and Le Maire said that technology giants tend to avoid taxing their profits in countries where there is no physical presence.
‘A starting point’
Last week, Canada and 130 other countries supported the OECD’s plan to set the global corporate tax rate at 15%.
Le Maire stated that he hopes to set interest rates as high as possible and believes that the 15% interest rate is the benchmark for negotiations at the G20 summit this week.
He pointed out that the United States had been keen on a 21% tax rate at the beginning of the negotiations, but ultimately supported the 15% figure that was first agreed at the G7 summit in the United Kingdom last month.
Today’s declaration by 130 countries is a huge achievement. This is the next step in the global effort to end corporate tax competition & ensure that companies pay their fair share of taxes wherever they do business and wherever they are located. https://t.co/6qoyGN1yeD
“Let’s make it clear. For the French government, 15% is the beginning of the story, not the end of the story,” he told Power and politics.
Irish Finance Minister Paschal Donohoe said that there is no consensus on global interest rates. Ireland’s low tax rate has attracted many large multinational technology giants.
Deputy Prime Minister Cristia Freeland said that she will attend the G20 ministerial meeting in Venice. Her office stated that the Canadian delegation will abide by all health procedures during the visit and after returning to Canada.
Documents from David Cochrane and The Associated Press.