G7 agrees to exempt US business from global tax
29 June 2025 20:07
The United States and the other Group of Seven (G7) countries have agreed that companies from the United States will be exempt from paying the global minimum tax for large corporations. This follows from a statement released on June 28 by the Ministry of Finance of Canada, which currently holds the G7 presidency.
This was reported by "Komersant Ukrainian" with reference to DW.
It is expected that Washington will respond by abandoning the “tax revenge” that is spelled out in the “great big” bill proposed by US President Donald Trump to cut taxes and increase government spending. Article 899 of this document provides for the possibility of raising taxes (5 percentage points). Such a policy can be considered a minimum tax for large corporations, promoted by the Organization for Economic Cooperation and Development (OECD), which includes 38 countries, including most members of the European Union.
According to Axios, U.S. Treasury Secretary Scott Bessent has already asked Congress to remove the “tax retaliation” clause from Trump’s “great big” bill, which passed a procedural vote in the U.S. Senate on June 28. “After several months of productive dialogue (…) we will announce an agreement between the G7 countries that protects American interests,” Bessent wrote on June 26 on social media platform X.
German Finance Minister and Vice Chancellor Lars Klingbeil said that the agreement reached between Washington and other G7 countries would allow “to continue the fight against tax havens, tax evasion and tax dumping.”
