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Proposed U.S. anti-inversion rules enter final review
Source: Reuters
POLITICS | Tue Oct 4, 2016 | 8:39pm EDT
Proposed U.S. anti-inversion rules enter final review
By David Morgan | WASHINGTON
U.S. regulations, proposed by the Treasury to crack down on companies that try to reduce taxes by rebasing abroad, have begun a White House review and could be finalized shortly, officials said on Tuesday.
The regulations, which would make it difficult for U.S. business operations to avoid taxation while shifting profits overseas through a practice called "earnings stripping," were received by the White House Office of Management and Budget (OMB) last week. The agency has up to 90 days to decide whether the rules should be finalized or returned to Treasury for further consideration.
"We are satisfied we have addressed stakeholder feedback and are close to issuing final earnings stripping regulations," a Treasury spokesperson said.
The Obama administration has faced widespread criticism from the business community over its regulatory assault on tax inversions, which are tax-driven mergers in which a U.S. company acquires a smaller, foreign business in a low-tax country and shifts its headquarters there, if only on paper, to avoid higher U.S. taxes.
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Proposed U.S. anti-inversion rules enter final review
By David Morgan | WASHINGTON
U.S. regulations, proposed by the Treasury to crack down on companies that try to reduce taxes by rebasing abroad, have begun a White House review and could be finalized shortly, officials said on Tuesday.
The regulations, which would make it difficult for U.S. business operations to avoid taxation while shifting profits overseas through a practice called "earnings stripping," were received by the White House Office of Management and Budget (OMB) last week. The agency has up to 90 days to decide whether the rules should be finalized or returned to Treasury for further consideration.
"We are satisfied we have addressed stakeholder feedback and are close to issuing final earnings stripping regulations," a Treasury spokesperson said.
The Obama administration has faced widespread criticism from the business community over its regulatory assault on tax inversions, which are tax-driven mergers in which a U.S. company acquires a smaller, foreign business in a low-tax country and shifts its headquarters there, if only on paper, to avoid higher U.S. taxes.
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Read more: http://www.reuters.com/article/us-usa-tax-inversions-idUSKCN1242FN
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