The BEAT is imposed to the extent that 10% of the taxpayer’s ‘modified taxable income’ ─ generally, US taxable income determined without regard to any base erosion tax benefit or the base erosion percentage of the NOL deduction ─ exceeds the taxpayer’s regular tax liability net of most tax credits. The most notable of these exceptions are the net operating loss (NOL) deduction, the new dividends received deduction for foreign-source dividends, the new deduction for foreign-derived intangible income (FDII) and the deduction relating to t global intangible low-taxed income (GILTI), qualified derivative payments defined in the provision, and certain payments for services. The Act targeted US tax-base erosion by imposing an alternative minimum corporate tax liability on corporations (other than RICs, REITs, or S corporations) that, together with their affiliates, have average annual gross receipts for the three-year period ending with the preceding tax year of at least $500 million and that make certain base-eroding payments to related foreign persons during the tax year that constitute 3% (2% for certain banks and securities dealers) or more of all their deductible expenses apart from certain exceptions. The ‘base erosion and anti-abuse tax’ (BEAT) was enacted by the Act as Section 59A of the Internal Revenue Code. America Uruguay Uzbekistan Venezuela Vietnam Zambia Zimbabwe eSwatini/SwazilandĤ. Rep.) Costa Rica Croatia Cyprus Czech Republic Côte d'Ivoire Denmark Dominican Republic Ecuador El Salvador Equatorial Guinea Estonia Finland France Gabon Georgia Germany Ghana Gibraltar Global Greece Guatemala Guinea Honduras Hong Kong SAR, China Hungary Iceland India Indonesia Interaméricas Ireland (Republic of) Isle of Man Israel ישראל Italy Jamaica Japan Kazakhstan Kenya Kosovo Laos Latvia Liberia Liechtenstein Lithuania Luxembourg Macedonia Madagascar Malaysia Maldives Malta Mauritius Middle East Region Middle East Bahrain Egypt Iraq Jordan Kuwait Lebanon Libya Oman Qatar Saudi Arabia United Arab Emirates West Bank Gaza Moldova Mongolia Montenegro Mozambique México Mexico Namibia Netherlands Netherlands Antilles New Zealand Nicaragua Nigeria Norway Pakistan Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Romania Rwanda Senegal Serbia Singapore Slovakia Slovenia South Africa South Korea Spain Sri Lanka Sweden Switzerland Taiwan 臺灣 Tanzania Thailand Trinidad and Tobago Turkey Türkiye Uganda Ukraine Україна United Kingdom UK United States US USA U.S.
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