About four weeks after Trump's Executive Order on the "Global Tax Deal," the US informed the OECD that Pillars One and Two would not apply in the US. The order directs the US Treasury Secretary and Trade Representative to identify countries imposing extraterritorial or disproportionately burdensome tax rules on US companies, develop response options, and report findings to the President by March 2025. A similar order was issued for an investigation into whether foreign countries discriminate against US corporations and citizens in taxation, with a report due by April 1, 2025. Following this, a bill was introduced in Congress allowing the US Treasury to investigate such taxes and impose a 20% tax on non-US investors over four years.
Originally published by Crowe UK, on 19 February 2025
Originally published by Crowe UK, on 19 February 2025
