US President Barack Obama announced, on 4 May 2009, proposals designed to “level the playing field” by tightening up the system that allows US multinationals to defer paying US taxes on profits made on overseas investments. Under the reforms, multinationals would no longer be able to claim tax deductions on most foreign expenses, such as interest costs, until they repatriate earnings.

The reforms, which are likely to be included in this year’s Budget, would also close loopholes …

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