Brazil Seeks OECD Approval for Global Minimum Tax Exemptions

Brazil is awaiting OECD action on its request for exemption from key parts of the global minimum tax framework, following a similar carve-out secured by the US for its multinationals.

The country has submitted a formal request to the Organization for Economic Cooperation and Development under the “side-by-side” framework, a spokesperson for the Federal Revenue of Brazil confirmed Friday.

The exemption would allow Brazilian multinationals to avoid top-up taxes imposed by other jurisdictions under the 15% global minimum tax rules.

The side-by-side package, released in January, exempts US multinationals from key enforcement mechanisms under the ...