EY has made available for download their Tax News Update 2021-1317, “Revenue proposals detailed in Treasury Green Book would significantly affect international private companies and families”. The abstract is as follows:
In its FY2022 budget and explanation of revenue proposals (Treasury Green Book), the Biden Administration proposed numerous tax changes that would increase taxes on international private companies and their owners. The proposed changes would affect both global and domestic businesses, whether in corporate or pass-through form.
This Alert addresses the proposals, focusing on the proposed rules affecting individuals and private business, including cross-border private investments in passive assets and active global corporate groups. For a general discussion of the Administration’s tax proposals affecting individuals, see Tax Alert 2021-1129; for a general discussion of the Administration’s international tax proposals, see Tax Alert 2021-9011.
To see the full EY Tax News Update, click: Revenue proposals detailed in Treasury Green Book would significantly affect international private companies and families (July 2, 2021).
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.