Latest news with #non-US-based
Mint
a day ago
- Business
- Mint
G-7 countries agree to the ‘Side by Side' tax deal for US companies: Here's what it means
The US and fellow Group of Seven nations have reached an agreement aimed to prevent a global tax war, by establishing a 'side-by-side' tax system. This new arrangement would exempt US companies from some elements of an existing global agreement. A key component of this deal involved the US officials agreeing to remove Section 899 from President Donald Trump's tax-cut bill, This provision, often referred to as the 'revenge tax' would have increased taxes on the US income of non-US-based businesses and individuals from countries whose tax policies Washington deems discriminatory. The side-by-side system could 'provide greater stability and certainty in the international tax system moving forward,' the G-7 advanced economies said Saturday in a statement. As part of the agreement, the other G-7 members will support the US's stance in ongoing negotiations with the Group of 20 countries and the Organization for Economic Cooperation and Development, which has been hosting global talks on corporate taxes, with some proposals drawing opposition from the US. Officials from the G-7 said they look forward to coming up with a solution that is 'acceptable and implementable to all,' according to the statement. While some progress has been made, the issue of 'digital services taxes,' remains only partially addressed. Some countries currently levy these taxes on the profits of US-based technology companies including Meta Platforms Inc. and Inc. The effort to establish a side-by-side system will include a 'constructive dialogue on the taxation of the digital economy and on preserving the tax sovereignty of all countries,' according to the G-7 statement. US Treasury Secretary Scott Bessent said on Thursday that he had asked Senate and House leadership to remove Section 899 from the so-called One Big Beautiful Bill Act after securing G-7 backing for the side-by-side system. Senate Republicans deleted the section in the latest version of the tax bill.
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Business Standard
a day ago
- Business
- Business Standard
US, G7 allies agree on tax framework, scrap 'discriminatory' clause
The US and fellow Group of Seven nations signed off on an agreement aimed at averting a global tax war, by creating a 'side-by-side' system that would exempt US companies from some elements of an existing global agreement. As part of the deal, US officials agreed to remove a provision from President Donald Trump's tax-cut bill that would have increased taxes on the US income of non-US-based businesses and individuals. Known as Section 899, it came to be called the 'revenge tax' because it would increase tax rates only for countries whose tax policies Washington deems discriminatory. The side-by-side system could 'provide greater stability and certainty in the international tax system moving forward,' the G7 advanced economies said Saturday in a statement. As part of the agreement, the other G7 members will support the US's position in negotiations with Group of 20 countries and the Organization for Economic Cooperation and Development, which has been hosting global talks on corporate taxes, with some proposals drawing opposition from the US. Officials from the G7 said they look forward to coming up with a solution that is 'acceptable and implementable to all,' according to the statement. Left only partially addressed is the issue of 'digital services taxes,' which some countries levy on the profits of US-based technology companies including Meta Platforms Inc. and Inc. The effort to establish a side-by-side system will include a 'constructive dialogue on the taxation of the digital economy and on preserving the tax sovereignty of all countries,' according to the G7 statement. US Treasury Secretary Scott Bessent said Thursday that he had asked Senate and House leadership to remove Section 899 from the so-called One Big Beautiful Bill Act after securing G7 backing for the side-by-side system. Senate Republicans deleted the section in the latest version of the tax bill. The removal of the revenge tax was key to securing the agreement among the G7 nations, according to the statement. 'We also recognize that the removal of Section 899 is crucial to this overall understanding and to providing a more stable environment for discussions to take place' on global corporate taxation, the G7 said.
GMA Network
22-05-2025
- GMA Network
UST's The Flame is first Asian publication to land SPJ in-depth category award
The Flame, established in 1964, is the official student publication of UST's Faculty of Arts and Letters. University of Santo Tomas' (UST) "The Flame" has become the first Asia-based campus publication to win in the 2024 Society of Professional Journalists (SPJ) Mark of Excellence Awards' in-depth reporting category for large universities at the regional level. According to a statement on Thursday, the publication made history as it landed the top spot on SPJ's Region 11 with an article penned by editor-in-chief Zoe Airabelle Aguinaldo, associate editor Joss Gabriel Oliveros, Jianzen Deananeas and Ma. Alyanna Selda. The article, entitled, "From streets to sheets: Motorcycle Drivers Ride on Sex Work as they Traverse Hard Times' narrated the stories of motorcycle taxi drivers who offer sexual services to their passengers to augment their financial needs. The article was selected against two other finalists from Stanford University. "This award will inspire us to continue doing independent journalism and to pursue endeavors that will help us improve our journalistic skills. We are grateful for this recognition and we are happy to bring honor to UST in the global stage… This unprecedented feat was made possible by our experiences and training as Thomasian campus journalists," said Aguinaldo. With their win, "The Flame" is the sole non-US-based student publication to win the award and land the highest accolade within their category in this year's awards. "From streets to sheets: Motorcycle drivers ride on sex work as they traverse hard times' was also awarded best in-depth report at the 10th UST National Campus Journalism Awards (UNCJA). The Flame, established in 1964, is the official student publication of UST's Faculty of Arts and Letters. Meanwhile, SPJ is a broad-based journalism organization founded in 1909 to encourage the practice and high standards of ethical behavior in journalism. Entries at the Society of Professional Journalists (SPJ) Mark of Excellence Awards intended to honor the 'best in student journalism' across 12 regions, including the Philippines in SPJ's Region 11. — Jiselle Anne Casucian/BAP, GMA Integrated News
