The enactment of the so-called Tax Cuts and Jobs Act of 2017 (TCJA) significantly changes the landscape for tax planning and compliance by U.S. multinational corporations (MNCs). The promised shift to a more territorial system actually results in a greater likelihood that more of a U.S. MNC’s foreign income is subject to current U.S. taxation. The TCJA complicates effective tax planning for such firms, forcing them to reexamine their existing global structures and financial arrangements (i.e., the “geometry†of international tax planning). We briefly review international tax planning before the TCJA as well as some key international tax provisions in the TCJA. We then provide a method to estimate the new Global Intangible Low-Taxed Income (GILTI) tax from a U.S. MNC’s financial statements when such information is not publicly disclosed and illustrate the effective tax rate (ETR) and GILTI tax effects for a small sample of public firms after the TCJA. Finally, we discuss some likely changes in international tax planning going forward.

中文翻译：

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《减税和就业法》实施后国际税收筹划的几何：对圆形，正方形和三角形的比较

所谓的《 2017年减税和就业法案》（TCJA）的颁布，极大地改变了美国跨国公司（MNC）进行税收筹划和合规的格局。实际上，向更广泛的地区制转移的承诺实际上导致了更大的可能性，使更多的美国跨国公司的外国收入受到当前美国税收的征税。TCJA使这类公司的有效税收筹划复杂化，迫使它们重新审查其现有的全球结构和财务安排（即国际税收筹划的“几何形状”）。我们简要回顾了TCJA之前的国际税收筹划以及TCJA中的一些关键国际税收规定。然后，我们提供一种方法来估算来自美国的新的全球无形低税收收入（GILTI）税 MNC的财务报表中未公开披露此类信息，并说明了TCJA之后一小部分上市公司的有效税率（ETR）和GILTI税收影响。最后，我们讨论了未来国际税收计划中的一些可能变化。