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Companies Paid $1.8B In First Year of Profit-Shifting Tax: IRS

July 29, 2021, 9:04 PM

Companies paid about $1.8 billion in additional U.S. taxes in the first year after the 2017 tax overhaul because of a provision intended to deter them from shifting profits overseas, according to IRS data released this week.

The agency’s Statistics of Income data, based on companies’ 2018 tax returns, provides some additional information for the debate over how the anti-profit-shifting measure known as BEAT, or the base erosion and anti-abuse tax, and other international provisions of the tax law have worked.

“It’s very helpful for us to have some more data,” said Stephen Shay, senior tax fellow at Boston ...

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