G7 Reaches Agreement on Global Tax Framework to Prevent U.S.-UK Tax Conflicts
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.