US EditionG7 Strikes Deal to Soften Global Tax Rules, Shelving Trump’s Section 899 Threat
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International companies based in the United States will not have to pay a minimum corporate tax, G7 members agreed this weekend. The decision was made after the so-called kickback tax was removed from US President Donald Trump's massive budget bill, according to a statement from the Canadian presidency to the G7.
Pablo Duarte Market Consensus (Flossbach von Storch Research Institute ) The U.S. government has achieved with the so-called Section 899 a good business for its companies and has weakened the global minimum tax promoted by the OECD. This rule, included in the legislative package known as “One Big Beautiful Bill Act”, foresees a tax increase on the profits and incomes of companies and investors from countries considered “discriminatory”. The lis…
It sounded a bit like a fairy tale when OECD countries agreed in 2021 to support the introduction of a common minimum corporate tax base of at least 15 percent on global corporate profits. The aim of the agreement was to discourage multinational companies from shifting capital and profits to so-called tax havens. Part of the...
Nearly 140 countries have concluded an agreement on the taxation of multinationals in 2021. This agreement, criticised by Donald Trump, has two “pilons”. The second establishes a minimum global tax of 15%. The G7 Member States will consider the United States of America’s minimum global tax payments, because they are taxed in the United States. Instead of the minimum, the American multinational tax is to be subject to a “juxtapus system”, states …
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