Finland Proposes US Carve-Out Amendment to Its Minimum Tax Law

Finland proposed Thursday to amend its global minimum tax law to incorporate provisions exempting US companies from parts of the levy’s framework.

The amendment to Finland’s minimum tax law would adopt administrative guidance released by the Organization for Economic Cooperation and Development on Jan. 5 that details the application of a “side-by-side” deal struck between the US and about 140 countries.

The legislation proposed by Finland’s Finance Ministry would take effect by March 31, and would be applied retroactively to Jan. 1.

The global minimum tax, also known as Pillar Two of the international tax pact, seeks to impose ...