WASHINGTON, D.C. — Watson M. McLeish, Senior Vice President for Tax Policy at the U.S. Chamber of Commerce, issued the following statement on this development.
“The U.S. Chamber of Commerce commends Secretary Bessent, Deputy Assistant Secretary Burch, and all their colleagues who contributed to this historic multilateral agreement. In only six months’ time, U.S. Treasury negotiators successfully reached an agreement with the 146 other countries in the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting to exempt U.S.-headquartered companies from Pillar Two’s global minimum tax rules. Once implemented, this ‘side-by-side’ arrangement promises to ensure U.S. tax sovereignty over the worldwide operations of U.S. companies while respecting other countries’ tax sovereignty over business activity within their own borders.
“As policymakers’ focus begins to shift from negotiation to implementation, the Chamber will continue engaging with U.S. and foreign government officials to support the agreement’s timely and effective transposition into domestic law. Consistent and comprehensive implementation across Inclusive Framework jurisdictions will be critical to realizing the agreement’s fundamental goals to enhance tax certainty, reduce complexity, and protect tax bases.”
About the author
Watson M. McLeish
Watson McLeish is senior vice president for Tax Policy at the U.S. Chamber of Commerce, where he serves as the primary adviser on all tax policy-related matters.
