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Nearly 150 countries agreed Monday to revise the Organization for Economic Cooperation and Development agreement to align U.S. minimum corporate tax rules with global standards—exempting U.S.-based multinationals from some foreign levies. (Bloomberg, Reuters)
Talking point: President Donald Trump withdrew the U.S. from a framework to implement the OECD deal last year. Negotiated in 2021, it set a 15 per cent corporate tax floor and imposed a top-up levy on multinationals that shift income to jurisdictions with lower rates. Congressional Republicans proposed a “revenge tax” on any country—including Canada—that applied the OECD deal to U.S. firms. The G7 countries agreed last June to exempt U.S. companies from the deal. Shortly thereafter, Trump halted trade talks with Canada until Ottawa scrapped its long-planned digital services tax. The OECD said the “side by side” arrangement announced Monday will “preserve the gains achieved so far.”
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