US-based multinational companies exempt from global tax deal
AP News••business
Key Points:
- Nearly 150 countries have agreed on an OECD plan to impose a 15% global minimum corporate tax to prevent profit shifting to low-tax countries, but large U.S.-based multinationals are exempted after negotiations involving the Trump administration.
- The amended deal dilutes the original 2021 agreement aimed at stopping companies like Apple and Nike from using tax havens such as Bermuda and the Cayman Islands to avoid higher taxes.
- U.S. officials hailed the agreement as a victory for sovereignty and American businesses, while tax transparency groups criticized it for allowing major U.S. corporations to continue sheltering profits offshore.
- Congressional Republicans praised the finalized deal as a step toward protecting U.S. interests and reversing previous global tax policies promoted by the Biden administration
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