G7 to issue statement on US tax exemption on Friday G7 backs plan for "side-by-side" systems and it relates to exclusion announced by US yesterday, via NYT

• G7 will say in a joint statement on Friday that the group has agreed to exclude American companies from penalties related to enforcement of a global minimum tax and move forward with “side-by-side” tax systems, according to a draft reviewed by The New York Times.


• "The agreement follows months of negotiations between the Trump administration and its counterparts about taxes that the U.S. finds to be discriminatory. The agreement should ease concerns among multinational corporations about the potential for a global tax war"


• "To ease the deal, the Trump administration agreed this week to drop its support of a so-called “revenge tax” that Congress was considering in response to international efforts to raise taxes on American businesses."


• “Delivery of a side-by-side system will facilitate further progress to stabilize the international tax system, including a constructive dialogue on the taxation of the digital economy and on preserving the tax sovereignty of all countries,” the G7 said in the draft statement.

27 Jun 2025 - 16:25- ForexGeopolitical- Source: NYT