Little-understood GILTI
'Orwellian' offshore tax to hit some harder than others
'Global intangible low-taxed income' levy could end up snaring many global companies that earn little such income, experts warn
The name Republican tax writers in the US gave to a new, multi-billion-dollar business levy implies it targets foreign earnings from "intangible" intellectual property – hitting tech firms and drugmakers like Apple and Pfizer.
But experts agree that the little-understood "global intangible low-taxed income" levy, or GILTI, will also apply to earnings that go far beyond patents, royalties and licensing and could end up snaring many global firms that earn little such income.
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