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Inversions deal permitted

Inversions deal  permitted
24 Sep 2014

First published in USA Today, 23 September 2014

The $11.5 billion Burger King Worldwide (BKW) deal to buy coffee-and-doughnut chain Tim Hortons and reincorporate in Canada will proceed, despite an Obama administration crackdown on corporate inversions, the firms said Tuesday.

Treasury Secretary Jacob Lew said the crackdown is aimed at halting a wave of planned or announced inversions that could erode the nation's corporate tax base and shift more of the tax burden to small businesses and average American taxpayers. Lew stressed, however, that the rules were not designed to thwart strategic deals not exclusively based on corporate tax-cutting.

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Taxand's Take

The continued approach of the US on this issue is yet another example of antiquated tax policy which fails to create a pro-business environment.

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