U.S. Senators Ron Wyden (D-OR), Sherrod Brown (D-OH), and Mark Warner (D-VA) have published a framework for Overhauling International Taxation, including possible changes regarding GILTI, FDII, and BEAT. Comments and feedback are requested and can be sent to InternationalTax@finance.senate.gov no later than 23 April 2021. An overview of the main areas and possible proposals are as follows:
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GILTI
The global intangible low-taxed income (GILTI) system gave big corporations a huge reduct…