Obama launches corporate tax crackdown

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:

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White House’s Budget website

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