Economy Minister Martin Guzman began a trip this week to الأسبوع ItalyNext Friday, he will participate in the G20 summit of finance ministers and heads of central banks, which will be held in Venice. There, one of the meeting points of the meeting is the new multinational tax rate, where the head of the local Treasury Palace will ask for a rate of 21%.
The official is also scheduled to meet in Italy with the IMF team Continue to negotiate “constructively” a new agreement with the Agency, now without the “rush” of expiration with the Paris Club, having removed the expiration by achieving a new period in recent days.
Days before this tour to participate in the meeting with the G20, Guzmán had already explained Argentina’s position on the new tax on multinational companies, and indicated that the debate between 20 governments that collect more than 75% of global GDP should be Consider a rate higher than 15% currently under discussion.
“We need to make rules for the challenges we face today. In two weeks we have the G20 meeting and this is Argentina’s position:The global corporate minimum rate of 15% is very low; “There is a significant risk that it will actually end up being the maximum rate,” the representative of Argentina said during a meeting of the Group of 24, which includes emerging countries.
For Martín Guzmán, a global minimum tax of 15% would be ‘too low’
He added in this sense:From Argentina we consider a rate of 21% would be better, an average of 25%, even better.”
For Guzmán, “There is a huge risk that developing countries will have very low incomes, and we need to fight pressure groups, The world needs to move faster and adopt stronger principles In order to adopt something better than 15%.”
Guzmán’s mention of this rate is due to the fact that the Group of Seven, which includes the most industrialized nations, previously agreed to the G20 meeting, on June 5, in a historic decision, to reform the global tax system to support the tax rate. At a minimum of 15% for companies, they share the rights to tax the largest companies that operate across borders in their countries.
lead this discussion يقود The United States and Germany, which at this time are sharpening the pencil so that the proposal approved in the G-7 would have an echo in the G-20.
However, Guzmán considered that the discussion regarding a tax on multinational corporations “is a positive thing, we think the fact that it is being discussed is a step in the right direction.”
exist Lots of international expectations on this matter, one of many forms, as well as new forms of funding for countries unable to emerge from the scourge of the pandemic.
International Monetary Fund
Likewise, the G20 meeting will be the framework chosen for it Continuing to discuss the scope of the IMF’s allocation of $650 billion to member countriesArgentina will account for at least $4.35 billion, as one of the most urgent measures to help alleviate the reserve and financing crisis in low- and middle-income countries.
International Monetary Fund spokesman Jerry Rice told reporters that the approval process for the IMF’s Board of Governors and the Fund’s Executive Board will require a few more weeks, and the procedure may start working by the end of August.
Guzmán is more committed to the campaign and highlights the economic trend
in order to Argentina’s negotiations on a new program with the International Monetary FundThe two parties affirmed that the “constructive” negotiations on the new EFF program, to replace the current readiness, Will continue in person on July 9 in VeniceItaly, in conjunction with the G20 Finance Ministers’ sessions.
In this way, Guzmán will sit down to negotiate in person with the head of the delegation of the IMF team dedicated to Argentina, Julie Cusack To move forward the debt renegotiation with the IMF and other aspects with the Agency.
Here Argentina seeks to discuss the Group of Twenty that will be held in Venice, measures such as adjusting additional fees for debts contracted from central countries, in exceptional loans – among them Argentina -. and reallocate special drawing rights to countries that do not need them.
The body headed by Kristalina Georgieva applies a so-called “additional fee” or “extra cost” to the loan you give when the amount exceeds the country’s quota by 187.5%, and Argentina owes an amount exceeding 1001% of your fee.
Argentina and Mexico raised the discussion of additional fees and the reallocation of special drawing rights to the G20, for the benefit of all middle-income countries, as with the pandemic there are many who have come to carry the credentials of the club of countries with exceptional loans.
Meanwhile, US Treasury Secretary Janet Yellen said on Wednesday that she will seek in Venice the support of G20 finance ministers for the “fundamental principles” of US proposals to renew international taxation, which includes the corporate tax involved.
“While you are in Venice, Secretary Yellen will continue to advance America’s commitment to multilateralism and advance America’s political priorities on global financial policy, climate change, inclusive economic recovery, and global health,” the US Treasury said.
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