Obama looks to target overseas tax breaks

Financial Times:   The Obama administration on Monday unveiled plans for a fresh assault on international tax avoidance that officials say will help reduce the deficit from a record $1,556bn this year.

As part of the plan, US-based multinational companies that transfer brands and patents to foreign affiliates, which pay little tax overseas, would pay a surcharge on the excess returns on those assets.

The administration also proposes denying companies that borrow money to invest overseas the ability to take immediate tax deductions on the interest payments.  (more)

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