U.S. Senate Finance Committee Chair Ron Wyden (D-OR) has announced the release of a discussion draft of bipartisan legislation with Senator Rob Portman (R-Ohio) that will disallow Foreign Tax Credits and other tax benefits for companies that pay taxes to Russia and Belarus. Comments on the discussion draft should be submitted no later than 21 April 2022. A summary of the legislation includes the following.
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Summary of Wyden-Portman discussion draft to disallow Foreign Tax Credits for …