On 22 December 2017, US tax reform was signed into law by President Donald Trump. Commonly known as the Tax Cuts and Jobs Act (TCJA), it was approved by both Houses of Congress on 20 December 2017.
The TCJA is the most significant overhaul of US tax rules since 1986 and will have a profound influence on US business activity, on the businesses and economies of other countries, and on the direction of tax changes, both globally through the G20/OECD processes, and in individual tax jurisdictions.
The TCJA makes many changes of purely US domestic interest – we focus solely on those with a cross-border relevance, and Hong Kong interest, here:
The TCJA has profound implications for global business activity, both by US and foreign companies, and for tax policy at global and individual country level. From a Hong Kong perspective a number of matters come to the fore: