The corrections are effective on February 19, 2020, and apply from December 6, 2019.
The US Government has published correcting amendments to Treasury Decision (TD) 9885, which implements the base erosion and anti-abuse tax (BEAT).
TD 9885 – which was published on December 6, 2019 – is aimed at preventing the reduction of tax liability by certain large corporate taxpayers through certain payments made to foreign related parties and certain tax credits.
The final Regulations, according to the government, “contained errors that may prove misleading and therefore need to be corrected.”
The corrections are effective on February 19, 2020, and apply from December 6, 2019.
The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also regularly writes news stories about transfer pricing and international tax law. Alex is reachable at editor@transferpricingnews.com
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