Bloomberg Tax
Sept. 30, 2022, 3:35 PM

Business Group Urges Treasury to Delay Foreign Tax Credit Rules

Michael Rapoport
Michael Rapoport
Senior Reporter, Bloomberg Tax

The Treasury Department should delay the effective date of its controversial foreign tax credit regulations, a business group said Friday, because companies are finding it hard to comply and a promised move to clarify the rules hasn’t yet materialized.

The rules were issued last December, but their effective date should be delayed until at least the start of 2023, the National Foreign Trade Council said in a letter to Treasury Secretary Janet Yellen.

Treasury didn’t immediately respond to a request for comment.

The regulations tighten the standards under which companies can apply foreign tax payments to their US tax ...