International briefing for May 2017

 

Most of my recent articles have started with an update on the US and this month is no exception. At the end of April the Trump administration released information on what was touted as ‘The biggest individual and business tax cut in American history’. However very few details were forthcoming and we just saw a short list of tax reform principles including the previously announced intention to reduce the tax rate on business income (corporate and pass-through entities) to 15% a reduction in individual income tax rates and a repeal of the alternative income tax. Also included were the so-called mandatory repatriation tax on unremitted earnings of US multinationals and moving to a territorial system for future overseas income.

 

Notably absent from the principles...