The United States and the group of seven nations have agreed to support a proposal that would exempt American companies from some components of an existing global agreement, the G7 said in a statement on Saturday.
The group has created a “side by side” system in response to the US administration that agrees to discard the retaliation tax proposal of section 899 of the Tax and Expenses invoice of President Donald Trump, said in a statement in Canada, the head of the Rolling G7 Presidency.
The G7 said that the Plan recognizes the minimum existing tax laws of the USA. And aims to contribute more stability to the international tax system.
G7 officials said they hope to discuss a solution that is “acceptable and implementable for all.”
In January, through an executive order, Trump declared that the Global Minimum Corporate Corporate Fiscal Agreement was not applicable in the United States, effectively withdrawing the 2021 agreement negotiated by the Biden administration with almost 140 countries.
He had also promised to impose a retaliation tax against countries that impose taxes on US companies under the 2021 global tax agreement.
This tax was considered detrimental to many foreign companies operating in the United States.
