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Changes to the US tax rules


This article discusses those aspects of the 2017 US tax reform which have most relevance to Australian corporate and international taxation, both from a tax policy perspective and for inbound and outbound investment to and from the US. It also discusses how, in 2019, various elements of the US tax reform have become part of the international tax agenda of the inclusive framework on base erosion and profit shifting, which is now the main multilateral means of setting international tax norms. It suggests that the US tax reform is more complex than the common preoccupation with the reduction of the US corporate tax rate, and that the international tax system is close to a significant paradigm shift as a result of US tax reform and the success of the OECD multilateral instrument.

Author profile

Prof Richard Vann CTA
Richard is Challis Professor of Law at the University of Sydney and has taught at Harvard and NYU Law Schools and the Universities of Amsterdam, London and Oxford. Richard has worked in the past at the IMF and OECD and held many Government consultancies in Australia and elsewhere. He has been a consultant for specialist tax firm Greenwoods & Herbert Smith Freehills since 1985. Richard specialises in corporate and international taxation on which he has published widely both in Australia and internationally. - Current at 15 June 2022
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