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
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.
The ATT had previously expressed concern that the legislation was overly complex and created unnecessary complications within the practical working of the new allowances
Introduced in 2013 to encourage R&D investment, the scheme allows UK businesses to pay only 10% corporation tax on profits derived from any UK or certain EU patents
Signed into law by president Barack Obama in 2010, the Dodd-Frank legislation has tightened regulation of the US financial system
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