KNAV & Taxsutra – Key Updates on Corporate Tax Proposals by Biden Administration
On March 31st, 2021 President Biden unveiled the Made in America Tax Plan, the goal of which, besides increasing the corporate tax rate,is also to make American companies and workers more competitive by eliminating incentives to offshore investment, substantially reducing profit shifting, countering tax competition on corporate rates,and providing tax preferences for clean energy production.
In this regard, in April 2021, Taxsutra & KNAV brought to you a special webinar to discuss these provisions. It has been 5 months since then, and we have seen lot of updates coming through on this matter by way of Green Book, discussion draft released by Senate Finance Committee Chairman and very recently proposed Build Back Better Act (BBBA).There are still many steps in the process to become law, but this initial legislative text of BBBA does provide us the broad understanding of direction in which these tax proposals are moving. With the process now begun, it promises to be interesting next couple of months.
Against this backdrop, KNAV & Taxsutra presented a special panel discussion on “Key Updates on Corporate Tax Proposals by Biden Administration” in association with KNAV. The esteemed panellists, Ms. Simone Alting (Associate Partner, US Tax) and Mr. Kavit Sanghvi (Practice Director, US Tax) from KNAV, discussed the key updates on corporate tax proposals and repercussions thereof for US inbound and outbound corporations. Furthermore, industry experts Mr. Vishwanath Kini (Vice President – Global Tax Head at Tech Mahindra Limited) and Mr. Deepak Bansal (Global CFO at AGC Networks Ltd & Black Box Corporation) shared practical insights into how the industry perceives these changes and how they are preparing for the impact. The panel was moderated by Mr. Shishir Lagu (Partner, US Tax, KNAV) & Taxsutra’s Group Editor Mr. Arun Anandagiri.