The integrated social process around the world is increasingly evolving towards the realization of economic activities, interactions and digital transactions. As in many other areas, this generates the need to adapt the operational, financial and organizational conditions that were originally designed to fit the physical dimension, and now in its digital dimension.
In this sense, there are already initiatives from different groups of countries to make both spheres compassionate, physical and digital.
In the tax field, the Group of Seven, made up of the United States, Canada, the United Kingdom, France, Germany, Italy and Japan, recently launched a consensus initiative to implement the reform of tax systems at the global level, transcending national borders. Digital companies contribute to the treasury of each country at least 15% of its income.
This minimum corporate tax would seek to have big tech companies, such as Facebook, Google, Amazon and Twitter, contribute in the regions in which they operate, as well as reduce incentives for them to transfer their profits to countries where this system does not exist. or to “tax havens”.
This agreement promoted by US President Biden would not be the first to attempt that, for several years now, the Organization for Economic Cooperation and Development, in cooperation with the Group of Twenty, has worked to standardize tax rules among member economies. However, it will be through these latest initiatives to pave the way for taxing the digital economy of the bloc of G-20 countries and about 140 economies participating in international negotiations.
between the physical and the digital. The Organization for Economic Co-operation and Development has specified that under the current tax system there are firms that provide goods and services, but the latter, which are easily traded across borders, escape from contributing fully to the economies in which they operate. This highlights multiple challenges with regard to regulatory compliance, but particularly in tax matters.
For this reason, it has been arranged over the years to design mechanisms that not only solve this current imbalance between the physical and digital world, but also contribute to the creation of an international tax system that will allow economies to enhance their financing and at the same time reach a consensus on the applicable financial rules, To avoid double taxation and stimulate international trade.
Sign the agreement. Specifically, negotiations were launched to achieve this homogeneity in the different tax systems. Therefore, an agreement is expected to be reached as early as the last quarter of this year.
Negotiations to extend this system to several countries will be responsible for the Organization for Economic Co-operation and Development, which expects that the minimum global tax of 12.5% applied to TNCs could reach $100 billion annually.
This initiative forms the cornerstone for the creation of an international tax system that equitably taxes transactions and income that occur in the physical world, as well as in the digital world.
We hope that this is just the beginning of a series of adjustments to the global financial regulatory framework, of which Mexico is no exception. Although it comes at a time of economic slowdown and crisis, it will help in the medium and long term to reconcile the competition ground between countries and between companies in that duality of physical and digital.
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