Treasury issues new rules to limit tax inversions

  • 2/5/2023
  • 19:01
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WASHINGTON, Safar 8, 1437, Nov 20, 2015, SPA -- The Obama administration on Thursday issued new rules aimed at reducing the tax benefits available to companies that move their tax addresses overseas. The new rules follow an initial package of rules that the administration implemented in September 2014 in response to a wave of announcements by U.S. companies seeking to lower their taxes by moving their headquarters overseas, AP reported. Those included an announcement in August of last year by Burger King that it planned to acquire Tim Hortons, the Canadian coffee and doughnut chain. Treasury Secretary Jacob Lew said, however, there is only so much the administration can do to prevent U.S. companies from pursuing the maneuver, known as a tax inversion. He again urged Congress to pass legislation. -- SPA 03:52 LOCAL TIME 00:52 GMT www.spa.gov.sa/w

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