Treasury Defends U.S. Exemption From Global Minimum Tax Ahead of G7 Meeting
The Treasury Department is defending last year’s exemption of U.S. companies from a global minimum tax ahead of this week’s G7 meeting, after a report said the move allowed firms to avoid $40 billion in taxes.
SemaforU.S. companies from a global minimum tax ahead of this week’s G7 meeting.
U.S. Companies to avoid some $40 billion in taxes. Deputy Assistant Secretary for International Tax Affairs Rebecca Burch addressed the issue Saturday night in remarks to the New York State Bar Association. Burch told the group that “articles on financial reporting make conclusions that do not represent the full picture,” according to excerpts shared with Semafor.
She described the decision as “a coexistence mechanism, not repeal of a US obligation,” noting that “Congress never enacted” the tax.
