G7 back new side-by-side tax proposal exempting American, UK firms from global tax rules

New Delhi [India]29 June (Memorial): According to a statement published by the seven census groups that detailed the new proposal signed by the US and G7 partners, the US companies will be exempted from certain elements of an existing global tax agreement.

The agreement will see that US companies will benefit from a “side-by-side” solution that will only be taxed at home in both domestic and foreign profits, and the G-7, Canada, published by Canada and regulates the return presidency of the group.

Earlier this year, the US Treasury Secretary summarized its concerns about the rules of the column 2 accepted by the US OECD/G20 inclusive framework on the BEPS, and the US parental groups will be exempted from the rule of the US parents (IIR) and the existing minimum tax rules are accepted.

The side -by -side system may provide more stability and certainty in the advancing international tax system, including a constructive dialogue on the taxation of the digital economy and the protection of tax sovereignty of all countries.

Since the US Treasury Department has been removed from the Senate version of the chapter 899, the system can now help the system that can help maintain progress made by judicial powers within the inclusive framework in the fight against base erosion and profit shift.

“Following the abolition of a large, beautiful invoice of the section 899 from the Senate version, after taking into account the success and success of a big, beautiful invoice and qualified domestic minimum tax application and impact, a system of side -by -side, in an inclusive manner and progress in progress and further progress, we can provide progress in a profitable manner. Developing, “the treasury said in an article in X.

The abolition of Chapter 899 was also welcomed by the UK.

Recently, British enterprises will no longer be subject to these risks, expressing concerns of encountering higher taxes due to precautionary measures.

G7 officials expressed the importance of cooperation by expressing a commitment to sustain a solution “acceptable and applicable for everyone”.

Earlier this year, thanks to an executive order, Donald Trump announced that the 2021 Global Corporate Minimum Tax Agreement, which was structured by Biden administration and supported by about 140 countries, would not be valid in the USA.

It also threatened to apply retaliation tax to countries that implement global tax rules against US companies, which are seen as harmful for many foreign companies operating in the USA. (MOMENT)