Ministero dell'Economia e delle Finanze

Rio de Janeiro 26 July 2024 - “Italy has the Piano Mattei. We have also reaffirmed to the World Bank that our strategic focus is primarily on Africa. While recognising the many global demands and requirements, we specifically prioritise the coordinated development of Africa as part of our Mattei Plan”. Thus said Italian Minister of Finance, Giancarlo Giorgetti, in an interview with ANSA on the sidelines of the G20 meeting in Rio de Janeiro. “We have spoken about this very issue with the World Bank”, he stated. “There is a willingness to focus on three or four countries in which to intervene”.

While we are in favour of a tax on the super rich, “we need to have a good discussion about a principle that must not be called into question: ownership”, said Minister Giorgetti. “It is clear that the decision regarding how to tax, how much to tax and when to tax is up to individual countries, and cannot be invoked either at the G20 or the UN. This is a precise restriction that many countries have put in place, and one from which we do not intend to deviate”.

"If we go after the global minimum tax" on billionaires "first we should do the one on large multinational corporations," the minister added, "and unfortunately Pillar One of the multilateral agreement is dramatically in the pits, blocked by India, China, and resoundingly by Australia as well, so the Americans are not giving the green light”.

“It is evident to me that the absence of India, China and the United States indicates that the tax base is missing.We have therefore insisted, albeit with diminishing hope, on the implementation of Pillar One with regard to the taxation of large multinationals”.

Giorgetti also dwelt on the dossier of extra-profits from immobilized Russian assets, "a very slippery slope, as the central banks have rightly pointed out to us." There is a clear political consensus, but "you have to be very careful about what you do, both from a legal point of view in a narrow sense and from a reputational point of view in a broader sense," the minister stressed.

“I believe we are close to a solution that can save these dimensions.Again, there are two options on the table at European level. Thework of the Italian G7 Presidency has led to a penalty kick, so to speak, but at this point we need to see if Europe can move with unanimity, and this”, said Giorgetti, “would allow the 27 countries to change the regulation, and make this system perpetual, or at least defined until the end of the war. Conversely, we need to decide if we are to content ourselves with continuous renewal, as we do periodically with sanctions (every six months, or every year or two), which achieves the same purpose, but which is not totally satisfactory for the US, as it does not offer the kind of definitive assurance required by Congress. So, this is the situation we are in. A lot will depend on Hungary’s attitude, and we will see how things turn out by September-October, given the particular rush to set the framework before the US elections”.

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