September 13, 2018 / 8:31 PM / 7 days ago

U.S. Treasury proposes GILTI rules minus foreign tax credit guidance

WASHINGTON, Sept 13 (Reuters) - The U.S. Treasury and Internal Revenue Service on Thursday issued proposed regulations on the treatment of global intangible low-taxed income, or GILTI, under President Donald Trump’s 2017 tax overhaul.

The government said in a release that the rules are intended to offer clarify to U.S. shareholders on computing GILTI income from business operations overseas. But the guidance did not include long-sought rules on how to compute foreign tax credits, which represent a vital issue for U.S.-based companies that are subject to the provision. (Reporting by David Morgan Editing by Alistair Bell)

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