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Treasury Seeks Minimum Tax Rate Hike Regardless of OECD Deal

June 2, 2021, 5:56 PM

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.

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