December 06, 2022
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Digital marketing: Best practices and strategies for your brand – Sprout Social Visit lush meadows and sprawling plains to discover amazing new species with Planet Zoo: Grasslands Animal Pack – Marketscreener.com This Week in Apps: The year’s best apps, Twitter rival Hive’s security woes, App Store backlash grows – TechCrunch Community Blog – Blogging Tips: How to Connect with Your Audience – Co-Optimus.com Affiliate Marketing Platform Market Size Will Reach USD 36,902.1 Million by 2030 | CAGR: 7.7%: Astute Analytica – PR Newswire WordPress 6.1 Contains “Massive Improvement To Database Performance” – Search Engine Journal 2023 E-Commerce Trends – Forbes Advisor – Forbes Graphic design seniors showcase their artistry – The Simpsonian – The Simpsonian A New Era Of Google Search: What It Means For SEO – Search Engine Journal A New Global Star In The Freelance Revolution: UST Shows the Way – Forbes
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How Will Build Back Better Impact International Investments and Multinational Business? – JD Supra

The upward curve of U.S. government stimulus rockets as 2021 draws to a close — the recent passage of the $1.2 trillion Infrastructure Investment and Jobs Act and the imminent possibility of the $1.75 trillion Build Back Better bill.

Build Back Better, the social and climate spending proposal, aims to improve caregiving and future investments in education, health and housing. The House passed the proposal on Nov. 19, which next heads to the Senate where revisions are likely.

The amount of stimulus is historic, and must be funded. Following are some of the high-level proposed tax changes that will impact international and corporate entities that will help pay for the proposals in Build Back Better.

Alternative Minimum Tax

A 15% minimum tax on adjusted financial statement income for corporations with such income in excess of $1 billion.

Revised GILTI Amendments

The global intangible low-taxed income (GILTI) of controlled foreign corporations would be subject to a 15% tax rate.

Foreign Tax Credit Amendments

Foreign tax credit limitations would be calculated on a country-by-country basis and would also eliminate the one-year carryback of foreign tax credits allowable under current law.

FDII Amendments

A 15.8% applicable tax rate would be applicable to overseas earnings of U.S.-located intangible assets.

BEAT Modifications

BEAT — or base erosion and anti-abuse tax, would be increased to 12.5% for years beginning in 2023; 15% for years beginning in 2024; and 18% for years beginning in 2025 and later.

Should the bill be passed, there will be a one-year delay, however firms should note the high level of provisions and complexity for multinationals and those with offshore wealth structures that include foreign corporate structures. The need for expert international tax service and advice has never been greater.

Source: https://www.jdsupra.com/legalnews/how-will-build-back-better-impact-7432488/