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Another Business Group Urges Delay in Foreign Tax Credit Rules

March 3, 2022, 5:47 PM

Another business group urged the Treasury Department to hold off on implementing new foreign tax credit rules that companies say will be burdensome, costly, and disruptive.

Treasury should delay the regulations by at least a year, to prevent companies from having to rush to take the new rules into account, the National Foreign Trade Council said in a letter to Treasury officials Thursday.

  • A delay would also allow for “reasoned reconsideration” of the regulations, including greater clarity on how they might interact with the pending tax changes that are part of a deal struck in October to overhaul global tax ...