United States: Corporate Tax

Representative Mike Kelly has introduced legislation to establish up to 100 maritime prosperity zones across coastal areas, major rivers, and the Great Lakes, offering targeted tax incentives to maritime supply chain companies, workforce training programs, and advanced manufacturing operations. The proposal aligns with the Trump administration's broader initiative to revitalize the domestic maritime industry by layering new maritime designations onto the existing Qualified Opportunity Zones framework.

The IRS and Treasury Department have announced plans to issue proposed regulations implementing significant changes to the definition of "covered employee" under Internal Revenue Code section 4960, which governs excise taxes on compensation exceeding $1 million paid to employees of applicable tax-exempt organizations. Notice 2026-36 provides interim guidance on how the One Big Beautiful Bill Act's expansion of covered employees will be interpreted, including which exceptions from prior regulations will be r

This comprehensive bulletin examines critical tax developments across 12 Asian jurisdictions, including China's intensified scrutiny of Hong Kong holding company structures for dividend withholding tax benefits, Singapore's implementation of Pillar Two global minimum tax registration requirements, and India's new Income Tax Act taking effect.