The U.S. Treasury Department makes concessions and plans to revise the tax proposal for sovereign wealth funds, which was previously warned against by the private equity industry
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The U.S. Treasury is making concessions on a proposal for a comprehensive reform of the taxation method for sovereign wealth funds and public pension funds. The proposal was previously put forward by the Internal Revenue Service (IRS) and aims to update Section 892 of the tax code, categorizing most U.S. debt investments held by these funds as commercial activities, which would expose them to taxation risks. Previously, private credit and private equity firms warned that the related reforms could negatively impact foreign investment in the U.S. market
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