The Treasury Department is aiming for spring or “very, very early summer” to issue final regulations on a new category of foreign income created under the 2017 tax overhaul, a Treasury official said.
But officials expect the global intangible low-taxed income (GILTI) rules will be out by June 22, Gary Scanlon, attorney-adviser in the Office of the International Tax Counsel, said at a Feb. 14 conference hosted by the Tax Council Policy Institute. If tax provisions are finalized by that date, companies will have to apply them to their taxable years beginning Jan. 1, 2018.
GILTI was created...
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