Friday, 13 February 2015

US presidential budget proposal for FY 2016 released

President Obama on 2 February 2015 released a budget blueprint for fiscal year 2016 that, among other things, calls for a cut in the top corporate tax rate to 28% (25% for “advanced manufacturing” companies). It also calls for changing the tax treatment of multinationals – and moving the US toward a territorial tax system – through a new minimum tax on foreign earnings of domestic multinationals and their controlled foreign subsidiaries, along with a onetime repatriation tax on previously untaxed foreign earnings. In addition, a number of the temporary tax provisions that expired at the end of 2014 would be renewed or made permanent.
Source & more info: Deloitte