Financial Accounting News

Business Groups Seek More Flexibility From Tax on Foreign Income

Sept. 23, 2019, 4:44 PM

Treasury needs to make rules more flexible for companies to be excluded from a levy on a new category of foreign income, business representatives said.

Treasury should make sure that a tax on global intangible low-taxed income isn’t imposed on income subject to foreign tax rates above 13.125%, not just above 18.9%, the American Council of Life Insurers and the Alliance for Corporate Taxation said in letters released Sept. 23. As written, the guidance doesn’t align with lawmakers’ intent, the groups said.

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