US Secures Exemptions in Global Corporate Tax Deal
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.
