US EditionG7 agrees to avoid higher taxes for US and UK companies
- On June 28, 2025, the US drops Section 899 retaliation tax and joins the G7 global minimum tax framework.
- The 'revenge tax' measure, Section 899, allowed the US to impose retaliatory levies, but President Donald Trump signed an executive order rejecting the 2021 OECD global minimum tax deal and vowed retaliation.
- Analysis by the Tax Foundation shows over 80% of US FDI originates from countries affected by the retaliatory tax, with UK firms warning of substantial additional liabilities.
- Foreign investors and industry leaders welcomed the removal of Section 899, with Beth Zorc of the Institute of International Bankers stating markets will be stronger and more resilient.
- Following the recent US-G7 agreement, OECD discussions are set to begin within weeks, with the G7 developing a shared understanding in the 147-country Inclusive Framework.
107 Articles
107 Articles
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.
G7 Agrees To Exempt US Multinationals From Global Minimum Tax
The Group of Seven nations said Saturday they have agreed to exempt US multinational companies from a global minimum tax imposed by other countries -- a win for President Donald Trump's government, which pushed hard for the compromise.
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