President Obama will seek to outlaw offshore tax avoidance in a bid to claw back tax from US corporations with overseas divisions.
His plan could axe tax deductions for companies earning profits in offshore jurisdictions with low tax rates, according to the BBC. Designed to reap $210bn in tax over the next decade alone with the help of 800 federal agents to police the laws, Obama's plan also intends to "make it easier" for US companies to create jobs in the States. Obama wants to shut tax provisions enabling firms to defer paying taxes on profits made overseas as long as earnings are invested back into the offshore subsidiaries. "The steps I am announcing today will help us deal with some of the more egregious e...
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