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Treasury Sees Changes in Foreign Tax Credit Regs by Year-End (1)

May 20, 2022, 2:06 PMUpdated: May 20, 2022, 3:25 PM

The US Treasury Department aims to issue changes before the end of the year to address complaints about new regulations on foreign tax credits, a Treasury official said Friday.

At least some of the change will be out in “probably a matter of months” and “likely this year,” said Jose Murillo, deputy assistant secretary for international tax affairs, speaking at a Tax Council Policy Institute conference.

The new rules, which Treasury issued in December, narrow the kinds of foreign taxes that companies can credit against their US tax bills. Many companies have complained that the rules are too restrictive ...