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05 May 2009
US president Barack Obama and treasury secretary Timothy Geithner has released details of a plan aimed at closing corporate tax loopholes.
In 2004 - most recent year for which data is available, US. multinationals paid about $16bn of tax on approximately $700 bn of foreign earnings, according to webcpa.com
83 out of the 100 largest US companies have operations in low tax jurisdictions, according to a Government Accountability Office report.
'It's a tax code that says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, NY,' said Obama.
The reforms are estimated to raise $210bn over the next 10 years, $103.1bn of which by removing tax advantages for creating jobs and investing in business expansion overseas, including the reforming of tax deferral rules.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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