A top US negotiator in the OECD-led global tax deal reaffirmed the Biden administration’s commitment to the pact despite opposition in Congress to the project.
The deal, agreed to by over 140 countries in 2021, includes two main parts: a reallocation of large multinational companies’ residual profits to market jurisdictions, known as Pillar One, and a 15% global minimum tax, known as Pillar Two.
“So with respect to the two pillars, the administration remains committed to implementing pillars one and two,” said Michael Plowgian, deputy assistant secretary for international tax affairs at the US Treasury Department.
“We believe it’s ...
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