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Obama’s attack on offshore cash
Published in Accountancy Live, 3 February 2015
A review of the US corporate tax system would make more sense than a unilateral attack on the offshore profits of multinationals, argues Tim Wach, global managing director of Taxand.
The debate around US-based multinationals holding cash reserves offshore, in low tax jurisdictions such as Luxembourg and Ireland, has again been brought to the fore by the US government as their ongoing frustration at this practice has finally mobilised President Obama into action.
And while one can understand the frustration of US tax policy makers at the actions of multinationals, the proper response would be to address the underlying weaknesses in the US tax system.
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