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U.S. IRS Holding Public Hearing on FDII and GILTI Deduction Regulations — Orbitax Tax News & Alerts

A notice from the U.S. IRS has been published in the Federal Register to announce that a public hearing will be held on the proposed regulations for the deduction for Foreign-Derived Intangible Income (FDII) and Global Intangible Low-Taxed Income (GILTI) (REG-104464-18). The regulations, first published on 6 March 2019 ({News-2019-03-06/A/5-previous coverage}) and corrected on 11 April 2019 ({News-2019-04-12/A/7-previous coverage}), provide guidance to determine the amount of the deduction for FDII and GILTI, as well as regulations coordinating the deduction for FDII and GILTI with other provisions in the Internal Revenue Code.

The public hearing will be held on 10 July 2019. Outlines of the topics to be discussed at the public hearing must be received by the IRS by 1 July 2019.