The UK wants to ensure its companies aren’t placed at a competitive disadvantage as a result of Trump administration demands that the US tax system and the global minimum tax framework should be separate.
Tim Power, deputy director for business and international tax in His Majesty’s Treasury, spoke Tuesday of concerns about significant differences between the way the US minimum tax on foreign-earned income operates and the global minimum tax. The differences could allow American companies to realize significant profits in low-tax countries, he said.
“And I think that’s clearly a concern from a standpoint of the Pillar Two policy ...
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