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Book minimum tax - Select international tax considerations
In brief
President Biden signed into law the Inflation Reduction Act (the Act) on August 16. One key-revenue raising provision is a 15% minimum tax based on adjusted financial statement income (book minimum tax, or BMT). This Insight focuses on certain international aspects of the BMT. The BMT is effective for tax years beginning after December 31, 2022. (For a general overview of the BMT see prior PwC Insights, Senate passes “Inflation Reduction Act” reconciliation bill and Corporate book minimum tax to be effective for 2023.)
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