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The Organization for Economic Cooperation and Development announced that 147 countries and jurisdictions agreed on a package exempting U.S.-headquartered multinational corporations from the global 15% minimum tax. The agreement allows U.S. companies to remain subject only to U.S. global minimum taxes.

The Organization for Economic Cooperation and Development announced that 147 countries and jurisdictions agreed on a package exempting U.S.-headquartered multinational corporations from the global 15% minimum tax. The agreement allows U.S. companies to remain subject only to U.S. global minimum taxes.

U.S. Treasury Secretary Scott Bessent stated the agreement recognizes U.S. tax sovereignty over worldwide operations of American companies while protecting the value of the U.S. R&D credit and other congressionally approved incentives for investment and job creation in the United States.

U.S. Treasury Secretary Scott Bessent stated the agreement recognizes U.S. tax sovereignty over worldwide operations of American companies while protecting the value of the U.S. R&D credit and other congressionally approved incentives for investment and job creation in the United States.

The package includes five components: simplification measures to reduce compliance burdens, alignment of tax incentive treatment globally, new safe harbors for multinational groups with parent entities in eligible jurisdictions, an evidence-based stocktake process and reinforcement of qualified domestic minimum top-up tax regimes.

The package includes five components: simplification measures to reduce compliance burdens, alignment of tax incentive treatment globally, new safe harbors for multinational groups with parent entities in eligible jurisdictions, an evidence-based stocktake process and reinforcement of qualified domestic minimum top-up tax regimes.

President Trump issued an executive order on his first day in office nullifying commitments made by the Biden administration regarding the global tax deal, stating that any such commitments have no force or effect within the United States absent an act by Congress.

President Trump issued an executive order on his first day in office nullifying commitments made by the Biden administration regarding the global tax deal, stating that any such commitments have no force or effect within the United States absent an act by Congress.

The 2021 OECD global tax deal was designed to stop multinational corporations from shifting earnings to low-tax or no-tax havens like Bermuda and the Cayman Islands. Former Treasury Secretary Janet Yellen was a key driver of that agreement and made the corporate minimum tax one of her top priorities.

The 2021 OECD global tax deal was designed to stop multinational corporations from shifting earnings to low-tax or no-tax havens like Bermuda and the Cayman Islands. Former Treasury Secretary Janet Yellen was a key driver of that agreement and made the corporate minimum tax one of her top priorities.

Tax transparency groups criticized the amended agreement, with the FACT Coalition's policy director stating the deal risks nearly a decade of global progress on corporate taxation by allowing the largest American companies to keep parking profits in tax havens.

Tax transparency groups criticized the amended agreement, with the FACT Coalition's policy director stating the deal risks nearly a decade of global progress on corporate taxation by allowing the largest American companies to keep parking profits in tax havens.

147 Nations Exempt U.S. Firms from Global 15% Minimum Tax

147 Nations Exempt U.S. Firms from Global 15% Minimum Tax

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147 Nations Exempt U.S. Firms from Global 15% Minimum Tax

147 Nations Exempt U.S. Firms from Global 15% Minimum Tax

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