Companies Air Wish List on New Global Minimum Tax (Corrected)

Feb. 13, 2019, 4:49 PMUpdated: Feb. 14, 2019, 6:12 PM

Companies are pushing the IRS for final answers as they try to figure out how the 2017 overhaul of the U.S. international tax rules will affect their current tax bills and future tax planning.

Under the global intangible low-taxed income (GILTI) provision, U.S. shareholders of foreign-controlled corporations pay at least some tax on their foreign income: a 10.5 percent rate on profits above a deemed rate of return that aren’t already taxed at a certain threshold.

Companies have been making tax calculations based on proposed rules on GILTI (REG-104390-18), released by the Internal Revenue Service Sept. 13. But ...

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