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The Biden administration offered new proposals on taxing multinational companies in a bid to secure an international agreement aimed at reducing tax avoidance, particularly by big pharmaceutical and technology companies.
The administration is looking to limit the number of companies that would fall under an agreement that would address the challenge of taxing income whose location is difficult to confirm. The U.S. is now suggesting a bright-line approach based on companies’ size and profits — rather than the characteristics of the businesses.
