Companies will have until 2023 to prepare for disclosing some information under a regulation under U.S. anti-profit-shifting rules, Treasury and the IRS said Thursday.
The extension (Notice 2021-36) delays until Jan. 1, 2023, a reporting provision that was set to take effect beginning this week, as part of a 2019 regulation relating to the base erosion anti-abuse tax, or BEAT.
Treasury and the IRS say the added time is needed to allow them to study a related issue. A transition period that is currently in effect regarding the provision will continue until then.
BEAT imposes an extra tax ...