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
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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…
US Secures OECD Global Minimum Tax Exemption for American Multinationals
The US Treasury confirmed an agreement exempting US multinationals from the OECD global minimum tax, citing the protection of national tax policy. Credit: Wikimedia Commons / US Department of Treasury / Public Domain The United States has secured an exemption for American-headquartered multinational corporations from the OECD’s Pillar Two global minimum tax framework, significantly altering how the rules will apply to US companies. The Treasury …
Attempts to tax large transnational corporations, especially technological ones, gave way once again to the impositions of the United States. The Organization for Economic Cooperation and Development (OECD) announced the agreement on the minimum tax, which had been discussed for at least a decade, but did not recognize the setback given by the Donald Trump administration.
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