The Organization for Economic Cooperation and Development has finalized a deal exempting U.S. multinational corporations from paying more corporate taxes overseas.
TIMELINE: What led to the charges against 2 former Uvalde CISD officers who responded to Robb Elementary shooting What to know about Adrian Gonzales, an ex-Uvalde CISD officer on trial for response to Robb Elementary shootingMore warmth this week and possibly another record highSign for pedestrian crossing.
January 5, 2026 at 12:31 PM U.S. Department of the Treasury Scott Bessent speaks before President Donald Trump arrives at the Mount Airy Casino Resort in Mount Pocono, Pa., Tuesday, Dec. 9, 2025. The OECD announced Monday that nearly 150 countries have agreed on the plan, initially crafted in 2021, to stop large global companies from shifting profits to low-tax countries, no matter where they operate in the world.The amended version excludes large U.S.-based multinational corporations from the 15% global minimum tax after negotiations between President Donald Trump's administration and other members of the Group of Seven wealthy nations. OECD Secretary-General Mathias Cormann said in a statement that the agreement is a “landmark decision in international tax co-operation" and “enhances tax certainty, reduces complexity, and protects tax bases.” U.S. Treasury Secretary Scott Bessent called the agreement “a historic victory in preserving U.S. sovereignty and protecting American workers and businesses from extraterritorial overreach.” The most recent version of the deal waters down a landmark 2021 agreement that set a minimum global corporate tax of 15%. The idea was to stop multinational corporations, including Apple and Nike, from using accounting and legal maneuvers to shift earnings to low- or no-tax havens. Those havens are typically places like Bermuda and the Cayman Islands, where the companies actually do little or no business.one of her top priorities. The plan was widely panned by congressional Republicans who said it would make the U.S. less competitive in a global economy.that would have allowed the federal government to impose taxes on companies with foreign owners, as well as on investors from countries judged as charging “unfair foreign taxes” on U.S. companies.“This deal risks nearly a decade of global progress on corporate taxation only to allow the largest, most profitable American companies to keep parking profits in tax havens,” said Zorka Milin, policy director at the FACT Coalition, a tax transparency nonprofit. Tax watchdogs argue the minimum tax is supposed to halt an international race to the bottom for corporate taxation that has led multinational businesses to book their profits in countries with low tax rates. Congressional Republicans applauded the finalized deal. Senate Finance Committee Chair Mike Crapo, R-Idaho, and House Ways and Means Committee Chair Jason Smith, R-Mo., said in a joint statement: “Today marks another significant milestone in putting America First and unwinding the Biden Administration’s unilateral global tax surrender.” Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.Parent says arrested Watts Elementary School educator assaulted studentsSan Antonio family warns against celebratory gunfire after 9-year-old son hit by stray bulletNew year starts violently in San AntonioAttorney Nico LaHood speaks about Robb Elementary case involving client Adrian GonzalesNew Texas laws going into effect on Jan. 1, 2026🎆Drone footage shows miles of fireworks going off in San Antonio during New Year's Eve celebrationsNew drinks and food at the Frost Bank CenterSights and sounds: USC, TCU fans tailgate before Valero Alamo Bowl in San AntonioHow a free University Health program seeks to help manage patient medication intakeDeputy who brought fast food to inmate, officer charged with DWI top list of law enforcement arrestsKerrville landowner plans monument to honor volunteers who aided during deadly July 4 floodsFrom Hill Country flooding to Bexar County wildfires, here are the Top 5 weather events of 2025
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US-based multinational companies will be exempt from global tax dealThe Organization for Economic Cooperation and Development has finalized a deal exempting U.S. multinational corporations from paying more corporate taxes overseas.
Read more »
US-based multinational companies will be exempt from global tax dealThe Organization for Economic Cooperation and Development has finalized a deal exempting U.S. multinational corporations from paying more corporate taxes overseas.
Read more »