US Senate tax plan puts multinationals in crosshairs

Multinational companies that generate significant non-US profits from intellectual property would be hit by a new US tax regime under a plan from Senate Republicans that has created fresh uncertainty over international tax. Senate Republicans revealed one tax plan just as House Republicans approved another at committee level, and companies that rely on intellectual property — notably in the tech and pharmaceutical sectors — were in the line of fire. The Senate plan would impose a tax of at least 10 per cent on income from intangible assets such as intellectual property, though it would be levied differently on US companies and the American subsidiaries of foreign companies.

source:https://www.ft.com/content/fc915b48-c5a6-11e7-a1d2-6786f39ef675