US House Ways and Means Committee approves tax reconciliation bill, including several international tax provisions
|Tax Alerts, Legislation & Policy, Tr ...|United States
The approved budget reconciliation bill (the Bill) would permanently extend current GILTI, FDII, and BEAT effective tax rates and prevent other scheduled changes to the BEAT.
The Bill would add new Section 899, which would automatically apply when a foreign country has an undertaxed profits rule (UTPR), digital services tax (DST), diverted profits tax (DPT) or any other "unfair foreign tax" as provided by the Treasury Secretary.
Proposed Section 899 would put enormous pressure on foreign countries…
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