Global Daily Tax News, US Says Deal Struck With G7 On BEPS 2.0 Implementation, (Jun 30, 2025)

The US Administration has announced a deal has been brokered with the G7 countries on the implementation of the OECD's two-pillar international tax deal.

Details of the agreement have yet to be released.

However, in a post on X, Treasury Secretary Scott Bessent stated: "After months of productive dialogue with other countries on the OECD Global Tax Deal, we will announce a joint understanding among G7 countries that defends American interests. President Trump paved the way for this historic achievement. On January 20, the President issued two Executive Orders instructing Treasury to defend U.S. tax sovereignty, and as a result of President Trump's leadership we now have a great deal for the American people."

Meanwhile, US Senate Finance Committee Chairman confirmed that a provision will be withdrawn from the US tax reform bill that would have enabled the US Administration to raise taxes on foreign companies and individuals in response to "unfair taxes" levied by other nations, such as top-up taxes under Pillar Two.

He stated on X: "At the request of [Bessent] and in light of this joint understanding to preserve US tax sovereignty and allow US tax laws to co-exist with the Pillar 2 regime, we will remove proposed tax code Section 899 from the One Big Beautiful Bill Act, and we look forward to active engagement with Treasury on these important issues."