In a significant shift from previous international tax agreements, the US has secured an exemption for its multinational corporations from the OECD's 15% global minimum corporate tax.
Over 145 countries agreed to amend the 2021 deal, allowing US-based companies to avoid paying higher taxes overseas, a move celebrated by US officials as a victory for national sovereignty and American business interests. The agreement, finalized under the Trump administration, addresses longstanding US concerns about foreign tax burdens on American firms. Critics argue this carve-out could undermine efforts to curb tax avoidance by large multinationals and may lock in tax revenue losses for other countries.
The deal marks a major change in the global tax landscape, with potential long-term implications for international cooperation and corporate taxation.
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