By exempting itself from Pillar II of the OECD agreement, Washington is not merely adjusting a technical device: it is gutting the multilateral tax compromise painstakingly built up over a decade. Behind the hushed language of the communiqués, it is the political balance of the global reform of taxation of multinationals that breaks down, leaving Europe to face its own contradictions on the taxation of digital giants. The OECD agreement on international taxation of multinationals, presented in 2021 as a historic refoundation, falters. On January 5, 2026, the US Treasury formalized the exemption of US companies from the scope of Pillar II – the 15% global minimum tax – in the name of the United States’ « tax sovereignty »….
