Treasury Expects to Address Undertaxed Profits Rule in Guidance

The US Treasury Department will work on guidance concerning the interaction of a global minimum tax rule and the US foreign tax credit in 2024, a top department official said Friday.

Michael Plowgian, deputy assistant secretary for international tax affairs, said the department plans to work on guidance about the impact of the undertaxed profits rule, or UTPR, and the foreign tax credit.

“We do expect to issue guidance next year in advance of other countries implementing new UTPR rules,” Plowgian said. His remarks were made at an international tax conference hosted by George Washington University and the IRS ...