Anorak | That Old Black Tax Magic

That Old Black Tax Magic

by | 7th, October 2008

Never let it be said that the Internal Revenue Service stands by and watches as yet more US companies peer into the abyss.

It has quietly altered the rules on returning foreign profits to the US without triggering a US tax charge on those profits, in the hope that the subsidiaries will waft all their cash back to the mother-ship, sorry, home of the free, thus loosening the noose around the necks of all those businesses struggling to get credit.

Of course, this only works if the foreign based subsidiaries have lots of cash, in itself somewhat unlikely, and the overall group

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Posted: 7th, October 2008 | In: News Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink