More damage to Indian IT business: US BEAT tax set to double next year

first_imgAs part of delivering on his policy of creating more jobs in America, Donald Trump has introduced tax reforms and visa regulations, among other things. One such tax law is the base-erosion and anti-abuse tax (BEAT) which aims to prevent jobs moving to offshore locations like India.Under the new system, US outsourcing companies having annual turnover of more than 500 million USD will have to pay 5 percent of their revenues as tax to the US government. The tax rate is said to double next year to 10 percent, making it more difficult for American companies to hire offshore work.Read it at CIO Related Itemslast_img read more