The U.S. has released a nine-page framework for its upcoming tax reform.
The document, which was published on September 27, 2017, is short and high level, and for the most part does not mention effective dates or technical details. Due to the lengthy U.S. legislative process, there will likely be further details and modifications added to the framework. It remains uncertain whether significant tax legislation will be enacted in the near future. Nonetheless, it gives key insights into how the U.S. is planning to reform it business and personal tax systems. Some key details regarding the framework's proposals for U.S. corporate tax, multinational tax and personal tax are detailed below.
U.S. corporate tax
The framework includes several proposals that will affect U.S. businesses, including the following:
Multinational U.S. businesses
Regarding multinational business, the framework proposes:
The framework proposes the following changes to personal income tax:
For more information, contact your KPMG adviser.
Information is current to October 10, 2017. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500