Obama administration targets corporate offshore tax avoidance

September 15, 2016 2:44 PM

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Obama administration targets corporate offshore tax avoidance

WASHINGTON The Obama administration on Thursday took action to limit the use of foreign tax credits by American multinational companies to reduce their U.S. tax bills, a move that followed an EU order that Apple Inc pay back taxes to Ireland.

The Treasury issued legal guidance reducing the scope companies have to apply foreign tax credits against their U.S. tax obligations. It was not immediately clear how this could affect Apple, which European regulators ordered last month to pay Ireland 13 billion euros ($14.6 billion).

Also read: A company Trump attacked will receive state tax breaks to keep jobs in the U.S

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