Peter Barnes Comments on Different Minimum Tax Rules for American Multinationals in Law360

Law360 Tax Authority

Now that the European Union has reached an agreement on legislation for an international minimum corporate tax, countries can turn their attention in 2023 to placing the measure into their domestic laws.

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An EU minimum tax could further complicate life for many American multinationals, which already are subject to multiple minimum tax rules such as the alternative minimum tax in the Inflation Reduction Act and the tax on global intangible low-taxed income in the 2017 Tax Cuts and Jobs Act. If businesses want to avoid having an additional minimum tax regime, they will need to persuade Congress to bring existing U.S. tax law into line with Pillar Two, Peter Barnes of Caplin & Drysdale told Law360.

"The pressure point is on taxpayers," said Barnes, a former senior tax counsel at General Electric. Multinationals, he said, "are going to have to put together a smart, clear explanation to Congress as to why this is important."

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