Over 145 nations set to exempt US firms from global minimum tax dealListen to this articleA tax sign is on pictured on the window of an office in Los Angeles, California, the United States. (File photo: Reuters)WASHINGTON — US multinational companies will be excluded from a global minimum corporate tax rate set in 2021 under a deal agreed by more than 145 countries and regions, the US Treasury Department reported on Monday. "This side-by-side agreement recognises the tax sovereignty of the United States over the worldwide operations" of US companies, Treasury Secretary Scott Bessent said in a statement. In 2021, the Group of 20 (G20) major economies endorsed a global minimum corporate rate of 15 percent after criticism that large US tech firms, such as Google LLC and Apple Inc, had booked profits in low- or no-levy jurisdictions. In June, Bessent said Washington agreed with other Group of Seven (G7) countries to exempt US companies from the minimum rate, vowing to work with other G20 members and the OECD.

Source: Bangkok Post January 06, 2026 06:32 UTC