June 29 (UPI) — Group of Seven nations agreed to exempt U.S. companies from a 15% minimum corporate tax rate, the countries said in a joint statement.
The nonbinding deal was announced Saturday but still requires approval from the 38-member Organization for Economic Co-operation and Development that established the 2021 agreement on taxing companies. G-7 nations are part of the OECED.
U.S. Treasury Secretary Scott Bessent had proposed a “side-by-side solution” for American-headquartered companies that would be exempt from the Income Inclusion Rule and Undertaxed Profits Rule “in recognition of the existing U.S. minimum tax rules to which they are subject.”
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Source: https://www.upi.com/Top_News/US/2025/06/29/G-7-exempts-US-companies-15-minimum-corporate-tax/7481751207070/
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