US Treasury Secretary Vincent Bescent asks Congress to remove "899 retaliation tax provision"

The US Treasury has announced an agreement with G7 allies that will exempt US companies from taxes imposed by some countries. In exchange, the Trump administration will remove the "899 retaliation tax provision" from the "Big and American" tax reform bill. "The global minimum tax policy under the OECD Pillar II framework will not apply to US companies. We will work with other members of the OECD-G20 inclusive framework to implement this agreement in the coming weeks and months," US Treasury Secretary Vincent Bescent said on Thursday. He added that based on this progress and consensus, I have asked the House and Senate to remove the "899" protective provision. The provision is primarily aimed at those allied countries that implement a digital services tax on US technology companies or participate in the global corporate minimum rate mechanism. Previously, Wall Street was concerned that the policy would reduce the willingness of foreign individuals and companies to invest in the United States.