In 2021, the US Treasury Department led a global tax policy process that resulted in 137 countries agreeing to new corporate income tax rules despite dim prospects of congressional action to implement the rules in US law. In January 2022, Treasury finalized new foreign tax credit regulations that could deny the credit for foreign income taxes paid under the globally agreed rules. Jeff VanderWolk looks at the web of new rules facing US-based multinational businesses.
*This article was first published in Bloomberg Tax on February 7, 2022.
