U.S. Department of the Treasury

Treasury Secures Agreement to Exempt U.S.-Headquartered Companies from Biden Global Tax Plan

OECD

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Financial Times

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ABC News

US-based multinational companies will be exempt from global tax deal

Guardian

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Just The News

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FACT Coalition

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Tax Justice Network

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Congressman Vern Buchanan

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The Organization for Economic Cooperation and Development (OECD) announced on Monday that 147 countries and jurisdictions had agreed on a package for a 15% global minimum tax rate, which would exempt U.S.-headquartered multinational corporations.

The Organization for Economic Cooperation and Development (OECD) announced on Monday that 147 countries and jurisdictions had agreed on a package for a 15% global minimum tax rate, which would exempt U.S.-headquartered multinational corporations.

Originally, the 2021 OECD global tax deal was designed to prevent multinational corporations from moving their earnings to tax havens, such as Bermuda and the Cayman Islands, and was supported from its inception by the Biden administration.

Originally, the 2021 OECD global tax deal was designed to prevent multinational corporations from moving their earnings to tax havens, such as Bermuda and the Cayman Islands, and was supported from its inception by the Biden administration.

The Trump administration, however, reneged on the agreement, with U.S. President Donald Trump issuing a memorandum in January 2025 nullifying the commitment, stating the deal had "no force or effect" within the U.S. absent an act of Congress.

The Trump administration, however, reneged on the agreement, with U.S. President Donald Trump issuing a memorandum in January 2025 nullifying the commitment, stating the deal had "no force or effect" within the U.S. absent an act of Congress.

Monday's revised agreement features a "side-by-side" package that introduces "safe harbours" for multinational enterprises from the global levy, on the condition they base their headquarters in eligible jurisdictions that meet the OECD's "minimum taxation requirements."

Monday's revised agreement features a "side-by-side" package that introduces "safe harbours" for multinational enterprises from the global levy, on the condition they base their headquarters in eligible jurisdictions that meet the OECD's "minimum taxation requirements."

The package also contains other components, including simplification measures to reduce compliance burdens, a substance-based tax incentive safe harbour, an evidence-based stocktake process and actions to reinforce qualified domestic minimum top-up tax regimes.

The package also contains other components, including simplification measures to reduce compliance burdens, a substance-based tax incentive safe harbour, an evidence-based stocktake process and actions to reinforce qualified domestic minimum top-up tax regimes.

The carveout for U.S. multinationals follows negotiations between the Trump administration and the G7 nations, which in June 2025 produced an agreement exempting U.S. companies from the OECD's Income Inclusion Rule and Undertaxed Profits Rule.

The carveout for U.S. multinationals follows negotiations between the Trump administration and the G7 nations, which in June 2025 produced an agreement exempting U.S. companies from the OECD's Income Inclusion Rule and Undertaxed Profits Rule.

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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.

This deal abandons nearly a decade of progress fighting corporate tax avoidance just to let massive American companies keep stashing profits in tax havens. Half of U.S. multinationals' foreign profits sit in tax havens because the tax code rewards shipping jobs and profits overseas, yet the administration prioritizes rock-bottom corporate taxes over ordinary Americans and global allies.

This deal abandons nearly a decade of progress fighting corporate tax avoidance just to let massive American companies keep stashing profits in tax havens. Half of U.S. multinationals' foreign profits sit in tax havens because the tax code rewards shipping jobs and profits overseas, yet the administration prioritizes rock-bottom corporate taxes over ordinary Americans and global allies.

The agreement delivers a historic victory for U.S. sovereignty by ensuring American companies answer only to U.S. tax law, not foreign governments. Protecting R&D credits and investment incentives preserves American leadership in innovation while preventing extraterritorial overreach that would have undermined job creation and technological advancement.

The agreement delivers a historic victory for U.S. sovereignty by ensuring American companies answer only to U.S. tax law, not foreign governments. Protecting R&D credits and investment incentives preserves American leadership in innovation while preventing extraterritorial overreach that would have undermined job creation and technological advancement.

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

Politics

Taxation

This deal is a landmark agreement for international tax cooperation. Following months of tough negotiations, the OECD has created a framework that enhances tax certainty, reduces complexity and protects tax bases. This treaty was only possible by striking a fair compromise, recognising the legitimacy of jurdstrictions that exceed the OECD's minimum tax rate.

This deal is a landmark agreement for international tax cooperation. Following months of tough negotiations, the OECD has created a framework that enhances tax certainty, reduces complexity and protects tax bases. This treaty was only possible by striking a fair compromise, recognising the legitimacy of jurdstrictions that exceed the OECD's minimum tax rate.

This agreement is a historic victory for U.S. sovereignty, ensuring that American companies answer only to U.S. law and not foreign governments. The deal also protects vital R&D credits and investment incentives, essential to preserving U.S. leadership in innovation, while preventing measures that would have undermined job creation and technological advancement.

This agreement is a historic victory for U.S. sovereignty, ensuring that American companies answer only to U.S. law and not foreign governments. The deal also protects vital R&amp;D credits and investment incentives, essential to preserving U.S. leadership in innovation, while preventing measures that would have undermined job creation and technological advancement.

The OECD has kowtowed, abandoning nearly a decade of fighting corporate tax evasion so U.S. companies can stash profits in tax havens and cheat countries out of their dues. This disastrous reversal not only exposes the weakness of the OECD but also the backwardness of the Trump administration, which prioritizes corporate profits over the interests of Americans.

The OECD has kowtowed, abandoning nearly a decade of fighting corporate tax evasion so U.S. companies can stash profits in tax havens and cheat countries out of their dues. This disastrous reversal not only exposes the weakness of the OECD but also the backwardness of the Trump administration, which prioritizes corporate profits over the interests of Americans.

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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