US Sees No Obstacles to Implementing Global-Tax Exemption Pact

The US doesn’t expect any difficulties with other countries’ implementation of the January agreement that exempts US companies from key provisions of the global minimum tax, a senior Treasury Department official said Tuesday.

US officials are monitoring implementation of the “side-by-side” agreement, but “I don’t anticipate problems,” said Rebecca Burch, deputy assistant Treasury secretary for international tax affairs, speaking at a US Council for International Business conference in Washington.

The global minimum tax, under Pillar Two of the OECD’s 2021 global tax agreement, requires companies to pay at least 15% in taxes in any country where they have profits. But ...