U.S. News

Trump's ambitious tax reforms are unlikely to be implemented by September: PwC Chairman

PWC, tempering President Trump's ambitions

U.S. President Donald Trump's ambitions to implement "historic" tax reforms would be great for the economy but are too ambitious to be achieved in the short term, according to the Global Chairman of PricewaterhouseCoopers (PwC).

Trump said in a speech to Congress on Tuesday that he remained committed to his campaign pledge to provide "massive tax relief" to the middle class and cut corporate tax rates.

However, the ability for the new administration to enact such reform through the necessary legislative process by the fall was questioned by the global chairman of U.K. accounting firm PwC.

"The reality of getting something through (by) September… unlikely," Bob Moritz told CNBC at the Mobile World Congress on Wednesday.

"We haven't seen a bill yet, so the reality is to try and to get something there in 200 days… I think is very ambitious. (It'd be) great if it happens because I think the administration is trying to move with speed but the degree of difficulty to get it done is pretty high," Moritz added.

Trump's restrained rhetoric on Tuesday in a prime-time address to the U.S. outlined several promises by the White House yet the details on how this would be implemented remained relatively scarce.

The U.S. President said he would overhaul the tax system in order to allow U.S. businesses to compete and thrive with international companies and at the same time "provide massive tax relief for the middle class".