OECD exempts US from global minimum tax rules

Tánaiste Simon Harris has welcomed a 'side-by-side' agreement exempting US multinationals from a 15% global minimum tax

US President Donald Trump, left, and Scott Bessent, US treasury secretary. Photographer: Yuri Gripas/CNP/Bloomberg via Getty Images

The Department of Finance has welcomed an agreement exempting US multinational corporations from the 15% global minimum tax negotiated through the Organisation for Economic Co-operation & Development (OECD).

The global minimum tax was created to prevent multinational companies from dodging tax bills by locating operations and reporting income in low-tax countries.