US Edition147 Nations Exempt U.S. Firms from Global 15% Minimum Tax
The amended OECD tax deal exempts many U.S. multinationals from key rules, blocking other countries from taxing their subsidiaries, after months of negotiations involving the U.S. and G7.
- On Monday, the Organisation for Economic Co-operation and Development announced nearly 150 countries agreed to amend the 2021 global minimum tax, excluding U.S.-based multinational corporations from key 15% provisions.
- After months of negotiations within the OECD/G20 Inclusive Framework, Treasury Secretary Scott Bessent secured a June deal with Group of Seven allies to remove the revenge tax provision from the One Big, Beautiful bill.
- The OECD estimates the tax programme would generate $220 billion worldwide and requires a 15% rate on multinationals with at least �750 million in revenue, with enforcement rules for under-taxed jurisdictions blocking extra taxes on foreign subsidiaries of U.S. multinationals.
- Tax watchdogs say this deal 'risks nearly a decade of global progress' while U.S. officials like Scott Bessent praise it as a 'historic victory' for sovereignty.
- Critics say the OECD buckled under US pressure, risking a decade of progress and allowing large US firms to keep profits in tax havens, according to Cobham.
162 Articles
162 Articles
In response to Washington's requirements, the Organisation for Economic Co-operation and Development's minimum taxation rules have been relaxed, allowing for the existence of a parallel system for U.S. companies. Decryption of Robert Danon, professor of tax law at the UnilDonald Trump has again won. U.S. multinationals will be exempted from the 15% minimum tax rate set up within the framework of the Organisation for Economic Co-operation and Dev…
Corporate income tax: Under ambitious plans, multinationals worldwide will be required to pay a minimum tax rate of 15 percent. The Trump administration has…
EC supports adoption of minimum tax for multinationals
According to a statement by the executive arm of the EU, “this is a positive measure that stabilises the global system of minimum taxes, simplifies rules, guarantees equity and maintains the companies competitiveness”. The pact approved by 145 countries gave the green light to a proposal that includes a particular exemption mechanism for US companies in the face of Washington’s threat to stay out of the scheme. Since 2021, the Independent Commis…
American multinationals will be exempt from paying higher taxes on profits abroad under an agreement within the framework of the Organization for Economic Co-operation and Development (OECD), reports the American television station ABC.
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