US will be exempt from global tax deal targeting profits of large multinationals

Agreement finalised by the OECD waters down a landmark 2021 deal that set a minimum global corporate tax of 15%

Nearly 150 countries have agreed on a landmark plan to stop large global companies shifting profits to low-tax jurisdictions, but the US will be exempt from the deal, angering tax transparency groups.

The plan, finalised by the Organisation for Economic Cooperation and Development, excludes large US-based multinational corporations from the 15% global minimum tax after negotiations between the Trump administration and other members of the G7.