Editor's note

American multinationals are lobbying to preserve a loophole created 2 years ago by the Clinton administration that allows them to avoid paying foreign governments billions of dollars a year in taxes. Their campaign is bearing fruit. The lobbying campaign centers on tax simplification measures the ad...

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Bibliographic Details
Published in:International tax journal 1998-10, Vol.24 (4), p.III
Main Author: O'Connor, Walter F
Format: Article
Language:English
Subjects:
Corporate taxes
Disregarded entities
Foreign tax credits
Income taxes
Lobbying
Loopholes
Multinational corporations
Tax regulations
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Summary:American multinationals are lobbying to preserve a loophole created 2 years ago by the Clinton administration that allows them to avoid paying foreign governments billions of dollars a year in taxes. Their campaign is bearing fruit. The lobbying campaign centers on tax simplification measures the administration announced in 1996 that in essence allow corporations with overseas operations to move profits from one country to another without subjecting them to US taxes. Now the companies have figured out how to use that flexibility to avoid foreign taxes. The Treasury is worried, however, that to take advantage of the loophole, US companies would shift more operations overseas.
ISSN:0097-7314