Tax Partner Kristina Albarella wrote an article published by Ecovis Global, on the expected US corporate tax rate increase and what multinational companies can expect.
By Kristina Albarella, Partner, Tax & Business Services
The proposal suggests an increase in the corporate tax rate from 21% to 28% for taxable years beginning after 31 December 2022. This increase would have implications in the case of GILTI (Global Intangible Low Taxed Income) tax exposure. GILTI remains the primary method used by the US to subject low-taxed income of US-controlled foreign entities to immediate US tax.