US-based multinational companies will be exempt from global tax deal
ABC News••business
Key Points:
- Nearly 150 countries agreed on an OECD plan to prevent large multinational companies from shifting profits to low-tax countries, but the amended deal exempts large U.S.-based multinationals from the 15% global minimum tax.
- The exemption resulted from negotiations involving the Trump administration and G7 nations, leading to criticism that the deal weakens the original 2021 agreement aimed at curbing tax avoidance.
- OECD Secretary-General Mathias Cormann called the agreement a landmark in international tax cooperation, while U.S. Treasury Secretary Scott Bessent praised it as protecting U.S. sovereignty and businesses.
- Tax transparency groups criticized the amended deal for allowing major American companies to continue using tax havens, undermining nearly a decade
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