Obama signals end of tax loopholes

by Judith Tydd

25 Feb 2009

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President Barack Obama has debated the merits of lowering the US statutory rate of corporate tax.

His comments were made to Charles Rangel, chairman of the tax-writing House Ways and Means Committee, during the Fiscal Responsibility Summit earlier this week, according to webcpa.com

Rangel said every loophole closed is a tax increase and it has to be undersood that the 'vast majority of businesses recognise it’s in their best interests to do the right thing.

Obama is seeking to close loopholes in the controversial area of transfer pricing, where multinational companies set the price of exchanging goods and services between subsidiaries at arms length. The onus is on the company to set prices according to the standard market rate.

Further Reading:

EU tackles loopholes in tax rules, tax evasion

Private equity risks tax rises under Obama

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