U.S. Office of Information and Regulatory Affairs Completes Review of Rules Relating to Section 965 Transition Tax

According to an update from the U.S. Office of Information and Regulatory Affairs (OIRA), the regulatory review of the Rules Relating to Section 965 Transition Tax was completed on 26 July 2018. The Section 965 Transition Tax was introduced by the Tax Cuts and Jobs Act and is a one-time tax on the pro-rata share of the post-1986 deferred foreign earnings at a rate of 15.5% on foreign earnings held in the form of cash and cash equivalents and at a rate of 8% on remaining earnings.

The OIRA i…