OECD finalizes pact on global minimum tax

Deal would bar other countries from imposing extra taxes on foreign units of US multinationals

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The US and more than 100 other countries finalized an agreement that would exempt American companies from some foreign taxes, the culmination of a months-long effort to create a carve-out from a corporate global minimum levy.

The deal excludes US-based multinational corporations from the 15% global minimum tax negotiated through the Organisation for Economic Cooperation & Development, or OECD. US President Donald Trump last year pulled the US out of a framework to implement that levy negotiated during former President Joe Biden’s administration.