The countries that make up the G7-Canada, France, Germany, Italy, Japan, the United Kingdom and the United States- have agreed that US multinationals are exempt from paying the minimum rate of 15% in the Corporation Tax which was promoted in 2021 by the Organization for Economic Cooperation and Development (OECD).
“After the debates on this subject (…) there is a Shared understanding that a parallel system could preserve important advances achieved by jurisdictions in the inclusive framework to address the erosion of the tax base and the transfer of benefits and provide greater stability and certainty to the international tax system in the future, “they have detailed in a statement.
For his part, the United States Treasury Secret “They will not apply to American companies” And he thanked his G7 counterparts “Your collaboration to achieve this historical result.”
The seven main economies of the world have reached this agreement After reviewing the US tax system and eliminating section 889 of the bill ‘one, large, beautiful’that Besent had already urged to withdraw and that allowed the White House to impose reprisals against those who decide to apply the tax to US multinationals.
Likewise, this agreement guarantees that countries will cooperate to address “any substantial risk” that may be given regarding the “Equal conditions” for “Preserve common policy objectives”. “The implementation of a bilateral cooperation system will facilitate greater progress to stabilize the international tax system, including a constructive dialogue on the taxation of the digital economy and on the preservation of the fiscal sovereignty of all countries,” added in the statement.
