In a speech during the Fourth UN Conference on Financing for Development (FFD4), Spain’s First Vice President and Minister of Finance, Maria Jesus Montero, emphasized that the US position “is leading to setbacks and blockages on issues we believed were already established.”

Montero emphasized that, given the current situation, the goal of achieving minimum taxation for multinationals, agreed upon by the OECD, focuses on moving “toward a different architecture” in the global tax arena.

She regretted the G7’s decision to exempt US multinationals from paying the 15% minimum tax agreed upon by the OECD, which was announced last Saturday.

It goes against the OECD agreement, which taxes large multinationals and commits to distributing part of their profits in the countries where they are generated.

The FFD4, which concludes this Thursday in Seville, has emerged as a powerful voice seeking to revitalize UN principles such as the 2030 Agenda and the fulfillment of the Sustainable Development Goals (SDGs).

However, the clash and distancing from the lines drawn by US President Donald Trump and the lack of firmness of some European actors continue to raise concerns about the viability of the UN and its agencies.

jdt/arm/mem/ft