US companies push hard for lower tax rate on offshore profits


FILE PHOTO - Customers can be seen inside the Apple store in central Sydney, Australia, March 18, 2016. REUTERS/David Gray/File photo TPX IMAGES OF THE DAY

WASHINGTON: Major US multinationals are pushing the Trump administration to deepen the tax break it has already tentatively proposed on US$2.6tril (RM11.21tril) in corporate profits being held offshore, a key piece in Washington's intricate tax reform puzzle. 

As President Donald Trump tries to deliver on his campaign promise to overhaul the tax code, lobbyists for technology, drug and other manufacturers are working with officials behind closed doors, six lobbyists working with various industries told Reuters. 

Limited time offer:
Just RM5 per month.

Monthly Plan

RM13.90/month
RM5/month

Billed as RM5/month for the 1st 6 months then RM13.90 thereafters.

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Tech News

Australia’s top spy urges big tech to unravel encrypted chats
74-year-old accused of robbing bank at gunpoint may have been victim of scam, US cops say
Italy fines Amazon 10 million euros for alleged unfair commercial practices
Filtronic's shares soar on partnering with Musk's SpaceX
Americans’ new TV habit: Subscribe. Watch. Cancel. Repeat.
Google postpones phasing out of ad cookies in Chrome browser
Girl in China dips feet into lake at historic Beijing site, says family is rich so can do as she pleases after warning
First Covid, now heat: Online schooling returns to the Philippines
These apps allow US workers to get paid between paychecks. Experts say there are steep costs
Cyberattacks are on the rise, and that includes small businesses. Here’s what to know

Others Also Read