<
https://www.theguardian.com/business/2026/jan/06/us-exemption-oecd-global-tax-deal-multinational-companies>
"Nearly 150 countries have agreed on a landmark plan to stop large global
companies shifting profits to low-tax jurisdictions, but the US will be exempt
from the deal, angering tax transparency groups.
The plan, finalised by the Organisation for Economic Cooperation and
Development, excludes large US-based multinational corporations from the 15%
global minimum tax after negotiations between the Trump administration and
other members of the G7.
The OECD secretary general, Mathias Cormann, described the agreement as a
“landmark decision in international tax cooperation” that “enhances tax
certainty, reduces complexity, and protects tax bases”.
Scott Bessent, the US treasury secretary, called the deal “a historic victory
in preserving US sovereignty and protecting American workers and businesses
from extraterritorial overreach.”
Cormann was elected to head the OECD in 2021 with Donald Trump’s support. A
right wing former Australian finance minister, who previously argued in favour
of fossil fuels and against green energy targets, Cormann is the last remaining
head of a major international organisation to be appointed with the US
president’s backing.
The most recent version of the deal waters down a landmark 2021 agreement that
set a minimum global corporate tax of 15%. The idea was to stop multinational
corporations, including Apple and Nike, from using accounting and legal
manoeuvres to shift earnings to low- or no-tax havens.
Those havens are typically places like Bermuda and the Cayman Islands, where
the companies actually do little or no business."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
