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Canada After the G7, the derogations at the heart of the debates on international taxation

21:00  10 june  2021
21:00  10 june  2021 Source:   pressfrom.com

G7: Call of Paris, Berlin, Madrid and Rome for an agreement on international taxation

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world-fiscalite-derogations: after the G7, the derogations at the heart of the debates on international taxation

APRÈS LE G7, LES DÉROGATIONS AU COEUR DES DÉBATS SUR LA TAXATION INTERNATIONALE © Reuters / Toby Melville after the G7, the derogations At the heart of the debates on international taxation

by Leigh Thomas

Paris (Reuters) - if the G7 finally managed to agree on the basis of a global tax reform, the battle now is likely to move on exemptions and exemptions that certain sectors or countries will claim, with China at the center of the game.

The group of seven rich countries concluded on 5 June an agreement in principle on the creation of a World Floor Tax rate of companies. At least 15% and taxation at the national level of the largest companies in the world, especially digital giants.

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In their communiqué, they, however, have not mentioned the possibility of exemptions that may be granted in future negotiations, particularly in the broader Framework of the G20, thus leaving a critical outstanding issue.

"If we want to put in place minimal taxation, we can consider that we must not give derogation (...). But it is not realistic," said Robert Danon, professor of law University of Lausanne.

Governments around the world have long resorted to tax incentives to promote their economic policy priorities, for example, to encourage research and development or attract foreign investment. Some are reluctant to renounce these devices, including China, which has been using special economic economic areas for decades to bring foreign capital, which has played a central role in its development.

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A responsible responsible for ongoing discussions stated that China had "legitimate concerns" for these areas. Beijing also benefits from attractive tax rates to its technology companies, some of which like Alibaba and Tencent are registered in Cayman Islands, where there is no corporate tax.

Another manager told Reuters that China was hostile at the 15% floor rate decided within the G7 and claiming exemptions in exchange for its support.

giving

at this stage, several developing countries of the G20 have been in the opinion of the G7, such as South Africa, Mexico and Indonesia whose finance ministers have signed a forum in this tribune. meaning in the Washington Post.

"I am confident in the fact that, in the end, we will also reach an agreement with China. Because, as always in this kind of international negotiations, it will be a giving," said a negotiator.

Beijing has for the moment not unveiled its game, just saying through its Foreign Ministry that the G20 should take into account the concerns of all parties.

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The next G20 meeting is scheduled for 9 and 10 July, after discussions between 139 countries involved in the project on the erosion of the tax base and the transfer of profits (BEPS) also involving the organization of cooperation and economic development (OECD), engine of these debates.

At the same time, participants are also likely to agree on any exemptions for the other pillar of this global tax reform project, the taxation of "overprofits" of the largest multinationals, including the digital sector, in order to do in whether they pay their taxes in the countries where their activities are.

Great Britain has already sought to obtain a derogation for its imposing financial sector in the technical discussions within the G7, have told sources close to the negotiations.

In a note on the subject published in October, the OECD suggested that exemptions could be granted for the natural resource, financial services, construction and residential real estate sectors and air transport. And air.

The importance of the reform of international taxation will depend on the list of derogations that will be included in the final agreement, says Robert Danon.

"I tend to think that we will probably end up with something halfway," he says.

(with Michael Nienaber in Berlin; French version Bertrand Boucey, edited by Sophie Louet)

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