The new US tax reforms represent the largest overhaul to the country’s tax code in more than three decades. They not only significantly lower US corporate tax rates, they change how multinationals are taxed on their non-US operations and their cross-border transactions. Understanding and following with the new rules will create challenges for multinationals. Those that fail to comply will risk financial and reputational damage, and those that fail to take advantage of new benefits will leave money on the table.
India is replacing its labyrinth of confusing, overlapping federal and state taes with a single tax on goods and services. The new GST system aims to make India more attractive to foreign investment.