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Treasury Says It’s Trying to Align Book Tax, Global Minimum Tax

Oct. 20, 2022, 8:24 PM

The Treasury Department is trying its best to coordinate the US’s new book-income minimum tax with the global minimum tax, but there may be only so much the US can do, a Treasury official said Thursday.

Guidance will be needed both in the US and on the international level to try to prevent unnecessary complexity between the two taxes, said Isaac Wood, an attorney-adviser in Treasury’s Office of Tax Policy. The US book-income tax and the global tax under the OECD’s 2021 tax agreement are both 15%, but they aren’t aligned with each other, and it isn’t clear how ...