New Delhi, June 28 -- The US and fellow Group of Seven nations have reached an agreement aimed to prevent a global tax war, by establishing a "side-by-side" tax system.

This new arrangement would exempt US companies from some elements of an existing global agreement.

A key component of this deal involved the US officials agreeing to remove Section 899 from President Donald Trump's tax-cut bill,

This provision, often referred to as the "revenge tax" would have increased taxes on the US income of non-US-based businesses and individuals from countries whose tax policies Washington deems discriminatory.

The side-by-side system could "provide greater stability and certainty in the international tax system moving forward," the G-7 advanced ...