On 16 November 2017 the US House of Representatives voted 227 to 205 to pass the 'Tax Cuts and Jobs Act' (HR1). This House bill proposal would significantly change many fundamental aspects of US international taxation, and some of these changes could impose significant additional burdens on both US and foreign taxpayers. Companies should endeavour to understand the proposals, as the bill could quickly become the template for tax reform in Congress. Taxpayers should also consider participating in the legislative process by commenting on specific proposals that might affect their business.
