Obama launches corporate tax crackdown

by Kevin Reed

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02 Mar 2009

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US Corporate tax avoidance will face increased scrutiny under plans by president Barack Obama.

The president is proposing that his first budget in 2010 will introduce anti-tax avoidance measures aimed at cutting loopholes that allow business to avoid tax payments domestically and abroad, according to Tax-News.com.

The US Treasury is looking to cut its tax gap of $300bn, and the taxman has already flagged up transfer pricing, withholding taxes and hybrid entities as areas it would focus on in terms of compliance.

Further reading:

Visit the White House's Budget website

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