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HILL TAX BRIEFING: Senate Complicates Global Tax Talks

Sept. 29, 2021, 10:04 AM

The OECD’s global tax deal is hitting a snag: Congress isn’t likely to ratify a portion of the two-part plan, according to a Republican senator, and that could put at risk the worldwide effort to reduce competition among governments with low corporate tax rates.

The Organization for Economic Cooperation and Development is working with about 140 countries, including the U.S., to overhaul international tax rules. One part of the plan would create a global minimum tax of at least 15% for offshore profits, while the other part of the plan would reallocate some multinationals’ profits ...