G7 Tax Deal ‘Shameful’ Concession to US, EU Tax Panel Chair Says

The Group of Seven countries’ agreement to exempt American companies from key elements of global corporate minimum tax rules is a “shameful concession” to the US that OECD countries should reject, the chair of the European Parliament’s tax affairs subcommittee said Monday.

The G7 agreement, formally announced Saturday, is a “disappointing act of subservience, an alignment with American interests at the expense of national sovereignty,” Pasquale Tridico, chair of the panel known as FISC, said in a press statement.

The group of advanced economies agreed to a “side-by-side” global minimum tax system in which US companies wouldn’t be subject ...