US EditionG7 agrees to avoid higher taxes for US and UK companies
- On Saturday, the G7 countries reached a consensus to exclude American firms from certain provisions of the 15% global minimum corporate tax framework by implementing a parallel agreement.
- This agreement followed the U.S. administration's move to remove Section 899, a retaliatory tax clause from President Trump's tax bill that caused concerns among foreign investors and trading partners.
- The side-by-side system acknowledges existing U.S. minimum tax rules and includes a commitment to stabilize the international tax framework and maintain tax sovereignty through ongoing discussions.
- Britain's Finance Minister Rachel Reeves expressed that the agreement brings important clarity and confidence to companies that had previously voiced their worries, while noting that further efforts are necessary to address aggressive tax avoidance and planning.
- Removing Section 899 was crucial to securing the deal and is expected to foster stability and cooperation among G7 nations while defending American business interests internationally.
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A global agreement actually provides for a minimum tax for large companies. US President Trump did not want this to apply to US corporations. In order to avoid dispute, the G7 now supports a compromise.
El Vocero de Puerto Rico
CNN ChileThe G7 countries have confirmed that U.S. multinational companies will not have to pay the 15 percent minimum corporate tax rate introduced in 2021 by the Organization for Economic Cooperation and Development…
Ottawa. The nations of the group of the world’s seven largest economies (G-7) agreed to exempt U.S. multinational corporations from the global minimum tax, a triumph for President Donald Trump’s government, who pushed hard for this compromise and Friday ended commercial talks with Canada for its intent to tax U.S. technology.
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