G-7 countries agree to the 'tax' for US businesses: that's what it means | Today news

The US and co-G-7 countries have agreed on a tax system to avoid a global tax war, which has released US companies from certain global tax elements. The agreement includes removing the determination of the tax tax from Trump’s tax bill, which promotes stability in international tax frameworks. The G7 countries have reached an agreement aimed at preventing a global tax war by establishing a ‘side by side’ tax system. (DPR PMO) The US and fellow groups of seven countries have reached an agreement aimed at preventing a global tax war by establishing a “side by side”. This new arrangement would release US businesses from some elements of an existing world agreement. ‘Revenge tax’ eliminated a key component of this agreement, US officials agreed to remove Article 899 from President Donald Trump’s tax solution, and this provision, often called ‘revenge tax’, would have increased tax on US income of non-US-based businesses and individuals from countries whose tax policies were discriminating. The next to each other system can provide ‘greater stability and security in the international tax system that is moving forward’, the G-7 Advanced Economies said in a statement on Saturday. G-7 supports us in tax talks as part of the agreement, the other G-7 members will support the US’s position in continuing negotiations with the group of 20 countries and the Organization for Economic Cooperation and Development, which offered global discussions on corporate taxes, with some proposals that draw opposition from the US. G-7 officials said they were looking forward to finding a solution that was “acceptable and implementable to everyone”, according to the statement. Tax on digital services remains partially addressed while some progress has been made, and the issue of ‘Tax on Digital Services’ remains partially addressed. Some countries currently charge this tax on the profits of US technology companies, including Meta Platforms Inc. and Amazon.com Inc. The attempt to establish a system side by side will include a ‘constructive dialogue on the tax of the digital economy and preserve the tax sovereignty of all countries’, according to the G-7 statement. US Treasury Secretary Scott Besent said on Thursday that he had asked the Senate and home leadership to remove Article 899 from the so-called one big beautiful bill after obtaining the G-7 support for the side-by-side system. The Republicans of the Senate deleted the division in the latest version of the Tax Bill.