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Treasury Staffer Sees Book Tax as Step Toward Global Minimum Tax

Oct. 27, 2022, 8:12 PM

The new corporate alternative minimum tax is a step toward US implementation of the pending global minimum tax, but it isn’t the same thing, and there will be challenges in coordinating the two, a Treasury Department official said Thursday.

The CAMT has elements of the 15% tax that is part of the 2021 Organization for Economic Cooperation and Development tax agreement that involves nearly 140 nations, said Michael Plowgian, counselor to Treasury’s assistant secretary for tax policy, speaking at a Practising Law Institute event.

  • But there are differences also: CAMT is calculated on a “blended” basis, while the ...