In this episode of the Herbert Smith Freehills Kramer Tax Bites podcast, hosts Toby Eggleston and Professor Graham Cooper discuss the significant implications of the proposed Section 899 under President Trump's 'One Big, Beautiful Bill' Act. They delve into how these retaliatory taxes imposed by the US aim to counteract what are perceived to be unfair or discriminatory foreign taxes, particularly affecting Australian companies. The discussion covers the legislative background, specific unfair taxes such as undertaxed profits rules, digital services taxes, and diverted profits taxes. They also explore the potential consequences for Australian taxpayers, the Australian government's actions, and the broader impact on the international tax regime. 

00:10 Introduction and Greetings

00:31 Overview of Section 899 and Its Implications

00:56 Background and Legislative Process

01:52 Impact on Australian Firms and Government

05:26 Unfair Foreign Taxes Defined

10:29 Potential Triggers and Affected Taxes

11:53 Impact on Australian Taxpayers and Government

16:52 Modifications to BEAT Rules

20:50 Treaty Interactions and Future Implications

23:23 Conclusion and Final Thoughts