Tax Justice Network | Without any public debate, EU countries have agreed to exempt US multinationals from most of the elements of the global minimum tax – when the tax dodging of those same US multinationals costs the bloc €14 billion in lost revenues each year. The loss is a significant undermining of EU tax sovereignty, fuelled by the first Trump administration’s Tax Cuts and Jobs Act which has enabled US firms to double their profit shifting, and sustained by the second Trump administration successfully bullying EU countries into exempting US firms from the proposed global minimum tax.

Source: Tax Justice Network.