Treasury Reiterates Book-Tax Changes Won’t Affect Global Deal

US eligibility for an exemption from key provisions of the global minimum tax won’t be affected by any regulatory changes the government makes that affect the imposition of its own corporate minimum tax, a Treasury Department official said Tuesday.

The “side-by-side” agreement reached last week that carves out US companies from the global tax “is permanent, it’s not conditional,” said Teisha Ruggiero, an attorney-adviser in Treasury’s Office of the International Tax Counsel, speaking at the New York State Bar Association’s annual meeting.

Ruggiero’s comments about how the US corporate alternative minimum tax interacts with the side-by-side agreement echoes comments ...