Economy Minister Giancarlo Giorgetti
said Wednesday that he fears plans to bring in a Global Minimum
Tax (GMT) to make sure multinational companies pay a minimum tax
rate of 15% will not come to fruition.
"Unfortunately, I seriously fear that the global minimum tax is
going to run aground," Giorgetti told a conference on taxation
at the Lower House.
"I have sensed this in G20 and G7 meetings - that it will not be
possible to achieve this necessity, which is a moral imperative,
in the time-frames we had hoped for".
More than 140 countries have committed to implement a new global
tax agreement proposed by the OECD.
The plan aims to end the benefit of shielding
multi-billion-dollar profits in tax havens and to remove the
incentive for nations to operate as tax havens for corporate
giants.
The OECD estimates that a GMT would reduce under-taxed profits
by around 80%.
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