US withdrawal from global agreement on taxation of multinationals - Tax subcommittee Chair reaction

The Chair of the tax subcommittee has reacted to US President Trump’s withdrawal from the OECD global agreement on a minimum global tax rate for multinationals.

Chair Pasquale Tridico said:

“The US withdrawal from the OECD global agreement on multinational taxation, endorsed by 139 countries, is a significant setback. Trump's decision benefits multinationals and ultra-billionaires who supported his campaign. The burden will fall on citizens and small to medium-sized enterprises, who will continue to face disproportionately higher taxes compared to large corporations.

“Over a year ago, the EU introduced new rules mandating a global minimum effective tax rate of 15% for multinational companies operating within its Member States. Trump's threats of retaliation should not deter us. Our duty is to serve the citizens and European companies, who are heavily penalized by tax evasion practices of large multinationals, particularly tech giants.”