China Tax/Business News Flash

Sep 2017, Issue 29

Outlook for the proposed US tax reform (IV) - the US government releases new tax reform framework

After the release of the administrative principles of the tax reform by the US Treasury Secretary and White House National Economic Council (NEC) in April this year (hereinafter referred to as “the Principles”) and the release of the joint statement outlining the key principles and goals for comprehensive tax reform by the US government and Congressional Republican leaders later in July (hereinafter referred to as “the Joint Statement”), how the US is going to push forward the tax reform has attracted a lot of attention. On 27 September, the US government, House Ways and Means Committee and Senate Finance Committee jointly released a unified framework for the tax reform (hereinafter referred to as “the Framework”), aiming to build a taxation regime that could promote the economic growth of the US, reduce the tax burden of middle-class families and protect jobs in the US.

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