The G-7 reaches an settlement to exempt from the minimal tax on US multinationals | Economy | EUROtoday

The G-7, a gaggle that brings collectively the seven essential economies of the world, arrived this Saturday to an settlement to exempt US multinationals from the minimal 15% tax to which 130 international locations dedicated to Companies that bill greater than 750 million euros.

The new covenant satisfies an previous aspiration of Donald Trump, who introduced on his return to the White House his intention to get the nation out of the settlement. The first information was given on Thursday in his X account the secretary of the treasure of Trump, Scott Besent, who linked him to a final minute contact -up within the “big and beautiful law” launched by the US Executive.

In change for the pact with the G-7, whose final assembly was held final week in Canada, Besent requested the United States Congress to get rid of the so-called “Clause 889 ″, which authorized Washington to retaliate whenever he considered that his companies suffer from tax discrimination. For this, the right to impose“ revenge taxes ”was reserved for overseas investments.

The United States Agreement with the G-7 significantly alters the scope of the 2021 pact, in its day thought of historic, however which might now be decaffeinated. In his signature, it was thought of that it was an vital advance in establishing a minimal international tax that was additionally known as to fight the tax evasion of multinationals.

“President Trump Allanó [en Canadá] The way for this historical achievement, ”Besent wrote on X about the newly achieved exemption for his large companies. The Treasury Secretary then remembered that the US President signed the day of his inauguration two executive orders that asked the Treasury to“ defend the fiscal sovereignty of the United States ”.“ Thanks to his leadership, we now have a great agreement for the US people, ”Bessent concluded.

The new tax method will provide “greater stability and certainty to the international tax system in the future,” says a joint statement made public this Saturday by the seven main advanced economies in the world.

As part of the agreement, the other members of the G-7 undertake to support the position of the United States in negotiations with the G-20 and with the Organization for Economic Cooperation and Development (OECD). It was in this last framework in which the Minimum Multinational Tax Pact was signed four years ago. Mathias Cormann, general secretary of the OECD, described the declaration of this Saturday’s G-7 as “an vital milestone in worldwide tax cooperation,” the Financial Times.

The agreement is partially out of the “taxes on digital services”, by virtue of which some countries tax the profits of US technology companies, case of goal, Apple or Amazon. These levies caused Trump Friday to go into cholera and announce that he suspended tariff negotiations with Canada.

Ottawa had to enter into force on Monday a tax to those companies of 3% to the benefits obtained by these. “Obviously,” the Republican President wrote on Friday. “[Con el plan de imponer a partir del próximo lunes un así llamado impuesto digital] They are imitating the European Union, which has accomplished the identical and that it’s at present in conversations with us, ”Trump wrote on his social community, Truth. In that put up he additionally made identified that” in the next seven days “will talk to Canada which tariffs intends to impose on imports that cross the northern border.