Corporate Tax

Mexico helps the G7’s minimal world corporate tax plan

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The Mexican Treasury Department (SHCP) could add the tax to next year’s budget.

The plan provides for a global corporate tax rate of at least 15%.

Posted on Tuesday, June 8th, 2021

Mexico has voted in favor of the Group of Seven (G7) plan for a minimum global corporate tax rate of at least 15%.

It will join forces with other G20 members in Venice next month to discuss a broader agreement.

Over the weekend, the historic agreement was reached to squeeze more money out of multinationals by reducing the spread of offshore tax havens.

Deputy Treasury Secretary Gabriel Yorio said the government will try to add the framework to the September 2022 budget if the deal holds.

“We’ll see if we can have an early definition of how this tax would work operationally … when we have time we would include it in the 2022 budget,” he said.

“We are excited about the initiative as it facilitates a global agreement and avoids competition for lower tariffs,” he added.

The Group of Seven is an informal club of wealthy democracies made up of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

The G20 comprises 20 of the most powerful economies in the world, including the G7 countries, Russia, China and Mexico.

With reports from Reuters

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