Ireland is home to the regional headquarters of many US multinationals and could be in the firing line of this move
has ordered officials to draw up retaliatory measures against countries applying “extraterritorial” levies on US multinationals, in a move that threatens to trigger a global confrontation over tax regimes., withdrawing US support for a global tax pact agreed at the Organisation for Economic Co-operation and Development last year that allows other countries to levy top-up taxes on US multinationals.
His order on Monday includes investigating “whether any foreign countries are not in compliance with any tax treaty with the US or have any tax rules in place, or are likely to put tax rules in place, that are extraterritorial or disproportionately affect American companies”. The global deal agreed at the Paris-based OECD in 2021 and partly introduced by several countries last year was expected to raise the tax take from the world’s biggest multinationals by up to $192 billion a year.
“Ultimately we are seeing international taxation moving from a multilateral domain to a bilateral one based on strong unilateral assertions. It is a new taxation world,” he added. Mr Cobham said the potential scope spanned not just whether the OECD pact violated tax treaties, but at the extraterritorial potential of all tax rules in all countries.
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