Trump pulls out of global corporate tax agreement
- The incoming Trump administration issued an executive order to withdraw from the global minimum tax agreement known as Pillar Two, which aims for a 15 percent income tax on multinational corporations.
- The executive order states that promises made by the previous administration's Treasury officials have no effect unless backed by U.S. Congress laws.
- The U.S. tax code already exceeds the minimum requirements of Pillar Two, with a domestic rate of 21 percent and an upcoming increase in the effective tax rate on international income.
- The order allows the U.S. to retaliate against foreign taxes on U.S. corporations and gives the Treasury Department 60 days to examine these foreign taxes for discrimination.
35 Articles
35 Articles
The exit of the US from the OECD agreement on the global taxation of multinationals could result in a doubling of taxes for European citizens and companies. Probably starting with those of Italy, Austria, France and Spain. This is what emerges from a careful reading of the memorandum signed by Donald Trump immediately after taking office to sanction the “nullity” in the United States of the compromise agreement signed in 2021 with the aim of sto…
Washington. The European Union (EU) on Tuesday lamented the decision of US President Donald Trump to withdraw his country from the international agreement that seeks a minimum 15 percent tax on multinational profits, reached in 2021, after long negotiations.
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