LNB News 20/06/2025
Document Information
Issue Date: 20 June 2025
Published Date: 20 June 2025
Jurisdiction(s): European Union
PensionsEurope sent a letter to the US Senate on 16 June 2025 expressing concerns about section 899 of the One Big Beautiful Bill Act. This follows the approval of the Bill by the US House of Representatives on 22 May 2025. This section, which will be added to the US Internal Revenue Code, aims to raise net income and withholding tax rates on US-source income earned by non-US individuals classified as ‘applicable persons’—a group that includes pension funds. As this change poses significant risks to European pension funds’ investments in the US, and with the US Senate scheduled to vote on the Bill on 23 June 2025, PensionsEurope is actively collaborating with the World Pension Alliance and other workplace pension organisations to address the issue.
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