OIRA Completes Review of Final Regulations on the GILTI High-Tax Exclusion
Posted on Jul 9, 2020 in International Tax
On July 7, the Office of Information and Regulatory Affairs (OIRA) completed its review of final regulations under section 951A relating to the proposed high-tax exclusion for global intangible low-taxed income (GILTI) and its review of proposed regulations under section 954(b)(4) relating to high-tax subpart F income. Among other provisions, the proposed version of the regulations had generally offered taxpayers an election to exclude income from GILTI if the income was subject to a high rate of foreign tax. OIRA began its review of the regulations on June 16th.
Read More: GILTI High-Tax Exclusion Regs Clear OIRA
Read More: Proposed GILTI Regulations