US multinationals on track for minimum tax reprieve after G7 deal
U.S. Treasury Secretary Scott Bessent said the changes to the OECD deal would save American companies $100 billion in tax over the next decade. © Reuters
COPENHAGEN/WASHINGTON/BRUSSELS/TORONTO (Financial Times) -- The world's leading economies have agreed a deal to spare the U.S.'s largest companies from paying more corporate tax overseas, throwing into doubt the status of the biggest global tax deal in over a century.
The agreement between Washington and other members of the G7 group of leading countries could fundamentally alter a landmark 2021 accord to set up a global minimum tax to crack down on avoidance by multinationals.
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