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White House Begins Review of Final Foreign Tax Credit Rules

Dec. 1, 2021, 2:06 PM

The White House is reviewing final rules that tell multinational companies how to calculate their foreign tax credits.

The Office of Information and Regulatory Affairs began its review of the rules (RIN: 1545-BP70) on Monday.

  • The rules tell companies how to allocate expenses, including business and R&D spending, and which foreign taxes may be claimed in credits.
  • The proposed version of the rules, issued in October 2020, said companies subject to measures like digital services taxes abroad probably won’t be able to receive U.S. credits for those taxes. The agency issued a separate package of final rules ...

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