EYUS: Discussion draft released by Senators Wyden, Brown, Warner proposes significant changes to current international tax rules
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Executive summary
On 25 August 2021, United States (US) Senate Finance Committee Chairman Ron Wyden, along with Senators Sherrod Brown and Mark Warner, issued a discussion draft of legislative text (Discussion Draft) detailing their previously released April 2021 international tax framework, which would amend the current rules on global intangible low-taxed income (GILTI), foreign-derived intangible income (FDII), the Base Erosion and Anti-Abuse Tax (BEAT), and other rules.
As discussed in mo…