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1 Sponsored by: U.S. and Luxembourg Tax Update AMCHAM Tax Seminar Luxembourg 22 September 2011

2 6. U.S. Tax Update Presented by Vio Cirje Senior Manager, Deloitte 2

3 Agenda I. Outlook for Tax Changes and Tax Reform Budget Control Act of 2011 Obama s Speech to Congress on Jobs Obama s Plan to Cut the Deficit Tax Reform Outlook II. Recent Legislative Changes 3

4 I. Proposals for Tax Changes and Tax Reform Budget Control Act of 2011 Budget Control Act of 2011 Enacted 2 August 2011 Debt Limit Immediate debt ceiling increase by $400 billion Further $2 trillion increases upon presidential request but subject to a disapproval procedure Designed to carry the U.S. government through the end of 2012 at the latest Deficit Reduction First tranche of $917 billion of spending cuts over 10 years No revenue increases, so no tax increases Establishment of the Joint Select Committee on Deficit Reduction the Super Committee Tough decisions on tax = deferred 4

5 I. Proposals for Tax Changes and Tax Reform Budget Control Act of 2011 Task of the Super Committee $1.5 trillion in additional deficit reduction measures to be recommended by 23 November 2011 Recommendations for revenue increases may include raising taxes and/or tax reforms (e.g., simplifying the tax code, eliminating loopholes, eliminating tax breaks) but difficulties lie ahead: Same politically thorny issues have caused previous deficit reduction talks to break down on several occasions Several of the appointment members have been party to the Biden talks which fell apart due to resistance to certain tax increases The Taxpayer Protection Pledge Recent calls to steer the package toward stimulating the economy and creating jobs Matter of debate: has the Budget Control Act of 2011 traded a debt crisis today for a debt and tax crisis shortly after the 2012 election?

6 I. Proposals for Tax Changes and Tax Reform Obama s Speech to Congress on Jobs The $447 billion plan 8 September 2011 At the core: cut payroll taxes in half for employees and small business employers Tax break for companies who hire new workers or raise wages Call to reform the tax code in a way that asks the wealthiest Americans and biggest corporations to pay their fair share with a promise to offer ideas to reform the corporate tax code to target tax breaks and loopholes

7 I. Proposals for Tax Changes and Tax Reform Obama s Plan to Cut the Deficit $3.2 trillion deficit reduction over 10 years 19 September 2011 Plan includes $1.5 trillion in revenue provisions The plan would: (i) increase taxes on high-income individuals, (ii) tighten the international tax rules, (iii) change certain rules affecting life insurance companies and their products, (iv) eliminate provisions that benefit the oil and gas industry as well as the coal industry, and (v) repeal certain longstanding tax accounting methods For international tax: (a) interest expense restrictions, (b) deemed-paid foreign tax credits on a consolidated basis, (c) modify rules on intangible property transfers, (d) tighten the section 163(j) earnings stripping rules for inverted companies, and (e) and tighten the rules for dual-capacity taxpayers.

8 I. Proposals for Tax Changes and Tax Reform Tax Reform Outlook 2011? 2012? 2013? low probability of substantive tax legislative changes. Fundamental tax reform proposals possible from all corners of the legislative and political process (already Budget Control Act, Administration proposals, Senate Finance Committee Hearing, 965 redux). Treasury s rumored corporate tax reform whitepaper later this fall as a potential pot stirrer, may increase the degree of uncertainty already felt by taxpayers To keep in mind: proposals are just that; uncertainty on Washington passing anything before 2013 Debt limit likely to become an issue again simultaneously with: (a) the 2001 and 2003 tax cuts, (2) AMT, (3) estate tax, (4) health care reform tax increases, and (5) routinely expiring corporate and individual extenders provisions. All positioned to come to a head in a lame duck session in 2012.

9 II. Recent Legislative Changes August Education Jobs and Medicaid Assistance Act Summary: - Section 909: Prevent splitting of foreign tax credits from related income in designated Foreign Tax Credit Splitting Events - Section 956: Limitation on FTC Hopscotch planning - Section 901(m): Covered Asset Acquisition 17 December Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act This Act extended for two years the Active Financing Exception provisions of Subpart F and the Look-through Exception to Foreign Personal Holding Company Income.

10 II. Recent Legislative Changes Quick Listing Controlled foreign corporations The government published final and temporary regulations on June 24, 2011, under 956 regarding the determination of basis in certain U.S. property acquired by a CFC in certain non-recognition transactions that are intended to repatriate earnings and profits of the CFC without U.S. income taxation. Cross-border reorganizations The government issued final regulations under 367(b) addressing cross-border triangular reorganizations popularly known as Killer B transactions. Economic substance The Large Business and International (LB&I) division of the IRS issued a new directive on July 15, 2011, on the application of the economic substance doctrine and the associated strict liability penalty. Foreign account tax compliance The government issued Notice on April 8, 2011, supplementing, and in some cases superseding, Notice , the initial explanation of the future regulations the government intends to publish under the new chapter 4 ( ) on foreign account tax compliance (FATCA). The government issued Notice on July 14, 2011, providing transition relief for various FATCA provisions because of the need for significant changes to the information management systems of FFIs and withholding agents. Foreign bank account reporting The government has issued numerous pieces of guidance. Foreign tax credits The government issued final regulations on April 6, 2011, that provide guidance for changes to 904 made by the American Jobs Creation Act of 2004.

11 Thank you 11

12 Sponsored by: Q&A 12

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