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US outlines tax proposals

19 April 2021
Issue: 4788 / Categories: News

The Biden administration has published its Made in America tax plan setting out proposed corporate tax reforms, including:

  • increasing the corporate tax rate from 21% to 28%;
  • repealing the foreign-derived intangible income regime, introduced in 2017, which provides for a reduced rate of corporation tax on foreign derived intangible profits;
  • reforming the global intangible low-tax income regime; and
  • replacing the base erosion and anti-abuse tax regime with the introduction of ‘stopping harmful inversions and ending low-tax developments’, which is intended to target profit shifting to low-taxed jurisdictions by multinational corporations more effectively.

Issue: 4788 / Categories: News
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