The U.S. Chamber of Commerce urges the Treasury Department togive corporations that overpaid taxes on offshore profits moreflexibility in how to use those refunds.
|The Internal Revenue Service said earlier this month that itwon't rebate excess payments or credit them toward tax bills nottied to repatriation, such as annual bills for corporateincome.
|“This guidance places taxpayers who are in an overpaymentposition at a competitive disadvantage to taxpayers who are in anunderpayment position,” says a letter sent to Treasury onTuesday.
|The business trade group suggests that companies should be ableto choose how the additional tax is applied to their overall taxbill.
|Under the Republican tax law enacted in December, companiesstarted making payments on an estimated $3.1 trillion in profitsstockpiled overseas since 1986; payments can be made over eightyears. Companies are required to tally up their foreign earningsand pay a two-tiered levy. Rates are 15.5 percent for cash and 8percent on non-cash or other illiquid assets.
|From: Bloomberg
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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