Multinational companies including Apple, Pfizer and Ford MotorCo. would face a new tax on payments they make to offshoreaffiliates under the House Republicans' tax bill—a surpriseprovision that has stunned tax experts.

The new 20% tax is “the atomic bomb in the draft” legislation,said Ray Beeman, co-leader of Ernst & Young's WashingtonCouncil advisory services group. “We're trying to get our armsaround the implications.”

So far, many big U.S. companies have kept quiet on the proposal.But already, House Ways and Means Chairman Kevin Brady has tweakedthe provision to lessen its impact, part of a package of changesthe tax-writing panel adopted Monday night. The committee willcontinue debating the bill Tuesday.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.