Treasury officials have been meeting with companies to iron out wrinkles caused by the 2017 law. Treasury officials have been meeting with companies to iron out wrinkles caused by the 2017 law. The 2017 tax law cut the U.S. corporate tax rate to 21% from 35% and, at least superficially, removed taxes on U.S. companies’ foreign profits. That, in turn, could force them to pay the new minimum tax on top of foreign tax bills that already exceed 13.125%. Mr. Harter and Treasury officials will have to determine which domestic expenses must be assigned to foreign jurisdictions and how companies must calculate their taxes.

Source: Wall Street Journal June 04, 2018 22:07 UTC