United States

President Biden’s corporate tax plan released on March 31 would raise the US corporate tax rate to 28%, increase the global minimum tax and calculate it on a country-by-country basis. . .

US Senate Finance Committee members and speakers at a March 25 hearing advocated in favor of reforming the international tax system to better address multinational group profit shifting, debated raising the corporate tax rate, and found some agreement on the need to reform the base erosion and anti-abuse tax. . .

The US Tax Court held on March 10 that a microcaptive insurer purportedly established to insure a number of related construction companies did not actually provide insurance for federal tax purposes because the insurer neither distributed risk nor acted as an insurer commonly would. . .