|
gptkbp:instanceOf
|
tax provision
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|
gptkbp:amendedBy
|
gptkb:Consolidated_Appropriations_Act,_2021
|
|
gptkbp:annualReport
|
IRS Form 5471
IRS Form 8992
|
|
gptkbp:appliesTo
|
U.S. shareholders of controlled foreign corporations
corporate and individual U.S. shareholders
|
|
gptkbp:calculationMethod
|
net CFC tested income minus 10% of qualified business asset investment (QBAI)
|
|
gptkbp:enactedBy
|
gptkb:United_States
gptkb:Tax_Cuts_and_Jobs_Act_of_2017
|
|
gptkbp:excludes
|
income subject to high foreign tax (high-tax exclusion)
U.S. shareholders owning less than 10% of CFC
|
|
gptkbp:fullName
|
gptkb:Global_Intangible_Low-Taxed_Income
|
|
https://www.w3.org/2000/01/rdf-schema#label
|
GILTI
|
|
gptkbp:purpose
|
discourage profit shifting to low-tax jurisdictions
|
|
gptkbp:relatedTo
|
gptkb:Subpart_F_income
gptkb:foreign_tax_credit
controlled foreign corporation
|
|
gptkbp:startDate
|
2018
|
|
gptkbp:subject
|
gptkb:Section_951A_of_the_Internal_Revenue_Code
|
|
gptkbp:taxStatus
|
gptkb:tax_law
10.5% (effective, subject to change)
|
|
gptkbp:bfsParent
|
gptkb:global_intangible_low-taxed_income_(GILTI)
|
|
gptkbp:bfsLayer
|
6
|