G7 agrees to avoid higher taxes for US and UK companies

29/6/2025 6:33

The United States and the Group of Seven nations have agreed to support a proposal that would exempt U.S. companies from some components of an xisting global agreement, the G7 said in a statement on Saturday.



The group has created a 'side-by-side' system in response to the U.S. administration agreeing to scrap the Section 899 retaliatory tax proposal from President Donald Trump's tax and spending bill, it said in a statement from Canada, the head of the rolling G7 presidency.



The G7 said the plan recognizes existing U.S. minimum tax laws and aims to bring more stability to the international tax system.



G7 officials said that they look forward to discussing a solution that is "acceptable and implementable to all"



In January, through an executive order, Trump declared that the global corporate minimum tax deal was not applicable in the U.S., effectively pulling out of the landmark 2021 arrangement negotiated by the Biden administration with nearly 140 countries.