Senate's tax bill draft would delay 'revenge tax' provision

( June 16, 2025, 15:36 GMT | Official Statement) -- MLex summary: The Senate Finance Committee's draft version of a tax and reconciliation bill would delay a "revenge tax" provision until 2027, with implementation tied to specific timelines beginning that year. It also drops the cap on tax increases to 15 percent, down from 20 percent, and expands the number of companies subject to a Base Erosion and Anti-Abuse Tax (BEAT), which applies a minimum 10 percent tax. The Senate text says lawmakers are using BEAT to target domestic companies owned by foreign tax residents. The provision in the large tax and spending bill moving through Congress would raise taxes on foreign residents, companies and groups if their country has "discriminatory" taxes, such as digital services taxes.Section overview provided by the Senate Finance Committee below:...

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Senate's tax bill draft would delay 'revenge tax' provision

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