How the recent changes to the FTC Regulations may impact the Engineering & Construction industry
The Engineering & Construction (E&C) industry has a long history of U.S. based workforce providing technical engineering assistance to projects located in foreign jurisdictions. Additionally, the industry focuses on fostering innovation, including the development and use of new technologies and engineering principles, so that many E&C companies qualify for various credits and incentives in the foreign jurisdictions in which they operate.
Since effective and clear regulations on applying Foreign Tax Credits (FTCs) to prevent double taxation are important for the global competitiveness of the U.S. E&C industry, KPMG explores how those companies will be affected in seemingly unintended ways by the final FTC regulations, in the article below published in August 2022.
