Support Ukraine: Tax Code Changes for Entities Linked to Russia and Belarus
This act aims to deny certain tax benefits to companies and individuals connected with Russia and Belarus. This means these entities will not be able to claim tax credits for taxes paid in those countries, increasing economic pressure. It also includes transitional rules for businesses withdrawing from these markets.
Key points
Companies and individuals paying taxes in Russia and Belarus will not be able to claim foreign tax credits in the U.S.
Certain tax benefits for foreign governments and central banks of Russia and Belarus will be suspended.
Tax information exchange between the U.S. and Russia/Belarus will be halted.
The act provides special rules for companies reducing their business in Russia and Belarus to facilitate their exit from these markets.
Status:
Expired
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