US Exempt from Global Minimum Tax Deal as OECD Reaches Consensus
TL;DR Summary
The OECD has finalized a global tax deal that exempts U.S.-based multinational corporations from paying a 15% minimum tax on overseas profits, a move that has been praised by U.S. officials as protecting American sovereignty but criticized by tax transparency groups for undermining global progress on corporate taxation.
- US-based multinational companies will be exempt from global tax deal ABC News
- 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 Minimum Tax Bloomberg.com
- More than 145 countries agree on update to global minimum tax deal, addressing US concerns Reuters
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