""landmark decision in international tax co-operation""
""enhances tax certainty, reduces complexity, and protects tax bases.""
""a historic victory in preserving U.S. sovereignty and protecting American workers and businesses from extraterritorial overreach.""
Nearly 150 countries agreed to a plan, initially crafted in 2021, to stop large global companies from shifting profits to low-tax countries. The amended version excludes large U.S.-based multinational corporations from the 15% global minimum tax after negotiations between the Trump administration and other Group of Seven members. The agreement is described as a "landmark decision in international tax co-operation" that "enhances tax certainty, reduces complexity, and protects tax bases." Commentary also called the deal "a historic victory in preserving U.S. sovereignty and protecting American workers and businesses from extraterritorial overreach." The amendment waters down the 2021 deal aimed at curbing profit shifting by firms like Apple and Nike to havens such as Bermuda and the Cayman Islands. Former Treasury Secretary Janet Yellen was a key driver of the 2021 plan, which faced opposition from congressional Republicans who said it would harm U.S. competitiveness. In June, the Trump administration renegotiated the deal after congressional Republicans rolled back a revenge tax provision that would have allowed U.S. taxes on companies with foreign owners and on investors from countries judged to charge "unfair foreign taxes." Tax transparency groups criticized the amendments.
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