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Treasury Mulls Set of Changes to Foreign Tax Credit Rules (1)

May 19, 2022, 8:45 AMUpdated: May 19, 2022, 8:25 PM

The Treasury Department is considering a set of potential changes to its much-criticized new rules on foreign tax credits, addressing complaints from companies and tax advisers that some parts of the rules are too restrictive.

The changes could be a combination of new rules, clarifications to the existing regulations that Treasury issued in December, and other administrative guidance from the IRS, said Jose Murillo, deputy assistant Treasury secretary for tax affairs. They could include examples to illustrate how the regulations are intended to apply to certain taxes, Murillo told Bloomberg Tax.

Murillo is expected to discuss the foreign tax ...