Obama proposes minimum overseas tax rate; Ireland's low-tax regime/ tax haven incentives in peril
President Obama on Wednesday proposed the first major reform of the US corporate tax system in a quarter century and outlined a plan to cut the headline corporate tax rate to 28% from the current level of 35% while eliminating several loopholes that cut tax bills. The Administration said: "Our tax system should not give companies an incentive to locate production overseas or engage in accounting games to shift profits abroad, eroding the US tax base." It takes aim at Ireland's low-tax system by proposing a minimum tax on foreign earnings that would "discourage a global race to the bottom in tax rates." It would also target the tax haven activities of US companies, which we outlined last week - - Finfacts Premium provides access to comprehensive research on tax havens and tax systems in the OECD (Organisation for Economic Cooperation and Development) developed world economies.
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