US Secures Exemptions in Global Corporate Tax Deal
TL;DR Summary
Nearly 150 countries agreed on a global tax plan to curb profit shifting by large multinationals, but the US is exempt, sparking criticism from tax transparency groups. The deal, finalized by the OECD, excludes US-based multinationals from the 15% minimum tax, which aims to prevent profit shifting to low-tax havens like Bermuda and the Cayman Islands. The US's exemption is seen as a move to preserve sovereignty and protect American companies, but critics argue it undermines efforts to combat tax avoidance and a race to the bottom in corporate taxation.
- US will be exempt from global tax deal targeting profits of large multinationals The Guardian
- OECD collapse will lock in countries’ tax losses to US firms Tax Justice Network
- OECD Finalizes Agreement on Global Corporate Minimum Tax Bloomberg.com
- US wins exemptions from global minimum corporate tax rules Financial Times
- More than 145 countries agree on update to global minimum tax deal, addressing US concerns Reuters
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