The U.S. IRS has announced the release of final and proposed regulations containing guidance on income subject to a high rate of foreign tax for the purpose of the GILTI rules. The regulations are scheduled to be published in the Federal Register on 23 July 2020. --- Treasury, IRS issue final and proposed regulations on income subject to a high rate of foreign tax WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued a final regulation (PDF) addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of...