Treasury Seeks Minimum Tax Rate Hike Regardless of OECD Deal

The Biden administration plans to pursue an overhaul of minimum taxes on U.S. companies’ foreign income regardless of whether there is progress on a parallel effort to establish a global minimum tax, a Treasury official said Wednesday.

The two efforts “stand alone,” said José Murillo, Treasury’s deputy assistant secretary for international tax affairs. The administration’s proposal for revamping taxes on global intangible low-taxed income, or GILTI, “should move forward as a separate package” independent of what happens on a global level, Murillo said, speaking at a Texas Federal Tax Institute virtual conference.

• The Biden ...