G7 Member States Agree to Exempt US Firms From Additional Corporate Taxes
G7 Member States Agree to Exempt US Firms From Additional Corporate Taxes
The exemption spares US companies from the Income Inclusion Rule and Undertaxed Profits Rule, recognizing the existing US minimum tax regulations.
The initiative, proposed by US Treasury Secretary Scott Bessent in early 2025, ensures that US-parented groups are fully exempt from these rules for both domestic and foreign profits, according to a joint statement.
Donald Trump reportedly struck a deal with the G7 in exchange for dropping plans to raise taxes on British and other foreign firms. This agreement ends Washington's threat of retaliatory taxes on countries it deems discriminatory against the US, a UK media outlet reported.
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