On 28 June 2025, the U.S. Department of the Treasury published the G7 Statement on Global Minimum Tax. As previously reported, U.S. Treasury Secretary Scott Bessent announced a joint understanding (agreement) with the other G7 countries to exclude US companies from Pillar 2 taxes (IIR and UTPR), with plans to implement the agreement across the OECD-G20 Inclusive Framework in the coming weeks and months. In return, the U.S. is removing the so-called revenge tax of the proposed Tax Code Secti…