US Tax Updates – Implications for Multinational Corporations!

Episode Duration:
55 minutes

Episode Background:
Over the past year, US IRS has come out with several important and relevant updates, particularly w.r.t complex tax provisions such as GILTI (global intangible low-taxed income), FDII (foreign-derived intangible income), 163(j) (interest deduction limitation) etc., which can impact MNCs dramatically (both inbound as well as outbound).

What shall the episode cover?
Against this backdrop, Taxsutra in association with KNAV is pleased to present a special episode on “US Tax Updates – Implications for Multinational Corporations”. The webcast is intended for Indian MNCs having US Operations as also US Corporations. The discussions have been led by Mr Shishir Lagu (Partner, US Tax) & Mr Kavit Sanghvi (Senior Manager, US Tax) from KNAV, Mr Ravi Yadavar (Chief Financial Officer, Zydus Pharmaceuticals (USA) Inc.) & Ms Pooja Pahade (Associate Vice President - Taxation, Startek Inc). In this episode, the speakers have comprehensively dwelled upon the changes w.r.t the US Tax Updates, as also discuss the tax planning opportunities available to businesses, which have arisen on account of these regulations (wherever applicable).

The speakers have thrown light on an array of topics which includes the following:

1.    Analysis of final and proposed regulations concerning High Tax Exception aspect of GILTI and subpart F income provisions

2.    Analysis of final regulations pertaining to IRC section 163(j), with special focus on COGS depreciation/ amortization add back benefit for tangible product companies. Certain changes to IRC section 263A capitalization rules impacting tangible product companies would also be addressed.

3.    Review of updates to some other tax provisions such as FDII, Foreign Tax Credit, Meals and Entertainment, etc.

4.    Guidance issued by the LB&I unit of the IRS concerning high-risk audit issues and our practical experiences in dealing with IRS audits over the last few months.

5.    A quick recap of some of the important changes brought about by the CARES Act.