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New Global Tax Rule
July 4 , 2025
14 hrs 0 min
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- G7 countries have agreed on a new "side-by-side" global tax system.
- US and UK companies will be exempt from extra global minimum tax (15%).
- US firms will now only pay taxes in the US on both local and international profits.
- The agreement recognizes existing US domestic minimum tax laws.
- This move replaces top-up tax rules under the older OECD global tax plan.
- The US dropped a controversial tax rule (Section 899), helping finalize the deal.
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