US will be exempt from global tax deal targeting profits of large multinationals
The Guardian••general
Key Points:
- Nearly 150 countries have agreed on a global plan to impose a 15% minimum corporate tax to prevent profit shifting to low-tax jurisdictions, but the US is exempt from this deal following negotiations under the Trump administration.
- The Organisation for Economic Cooperation and Development (OECD) hailed the agreement as a major step in international tax cooperation, aiming to enhance tax certainty and protect tax bases.
- The US Treasury Secretary Scott Bessent framed the exemption as a victory for US sovereignty and protection of American businesses from foreign tax overreach.
- The revised deal dilutes the 2021 OECD agreement, which sought to stop multinational corporations like Apple and Nike from shifting profits to tax havens such as Bermuda and the Cayman Islands.
- Tax transparency groups criticize
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