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Biden Offshore Tax Plan Leaves Too Much Undecided, Critics Say

June 16, 2021, 8:45 AM

President Joe Biden’s plan to crack down on offshore corporate profit-shifting is too closely tied to outside factors like the fate of an OECD-led effort to overhaul global tax rules, critics warn.

The administration is touting its SHIELD proposal—Stopping Harmful Inversions and Ending Low-Tax Developments—which would deny tax deductions to companies that try to duck U.S. tax bills by moving their profits to tax-haven countries. SHIELD would prevent the U.S. tax base from eroding and push other countries into taking a similarly tough stance, Treasury officials say.

But some tax practitioners say SHIELD leaves too much up to factors that ...

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