Bessent: US firms exempt from OECD global tax

 United States Secretary of the Treasury Scott Bessent announced on Monday that the US has finalized an agreement to exempt US multinationals from the Organisation for Economic Co-operation and Development's (OECD) Pillar Two global minimum tax.

Bessent said the deal, reached in coordination with Congress and over 145 countries in the OECD/G20 Inclusive Framework, protects incentives such as the research and development (R&D) tax credit. "This side-by-side agreement recognizes the tax sovereignty of the United States over the worldwide operations of U.S companies and the tax sovereignty of other countries over business activity within their own borders," he concluded.

Treasury said it will continue talks with other countries to support implementation and promote international tax stability.

https://breakingthenews.net/Article/Bessent:-US-firms-exempt-from-OECD-global-tax/65426778