U.S. Puts on Hold Its Proposal to Opt Out of Global Tax Revamp

A U.S. proposal that would let companies opt out of part of the OECD’s global tax overhaul will be set aside through at least January, a Treasury official said.

Earlier this month U.S. Treasury Secretary Steven Mnuchin urged the OECD to include an optional safe harbor that would allow companies to opt out of Pillar One of the plan. Pillar One would change some of the tax rules and agreements that determine when a company is taxable in a country and how much tax it pays there.

A discussion about the safe harbor proposal won’t be a condition for U.S. ...