Companies win Californian concession

Companies win Californian concession

Rule that would have made it difficult for subsidiaries of non-US multinationals to borrow from their parents is dropped

California has scrapped a tax rule that foreign multinationals said would
discriminate against them.

Companies including Barclays, Sony and Nestle lobbied for the rule to be
dropped, which they said made it more difficult for them to borrow money or
license technology from their parent companies.

The regulation would have cost companies hundreds of millions of pounds, the
FT reported.

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