G7 Reaches Agreement on Global Tax Framework to Prevent U.S.-UK Tax Conflicts
TL;DR Summary
The G7 countries have reached a deal that exempts US multinationals from some parts of a new global minimum tax, potentially undermining the 2021 OECD agreement aimed at curbing tax avoidance by large corporations worldwide. The deal includes provisions to exclude US companies from certain taxes due to their US tax payments, sparking mixed reactions and ongoing discussions at the OECD level.
- US multinationals on track for minimum tax reprieve after G7 deal Financial Times
- Lawmakers remove ‘revenge’ tax provision from Trump's big bill after Treasury Department request AP News
- G7 agrees to avoid higher taxes for US and UK companies Reuters
- GOP agrees to drop 'revenge tax' from megabill after Bessent cites progress in global talks Politico
- G7 Backs Plan for ‘Side-by-Side’ Tax System to Avoid U.S. Fight The New York Times
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