Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Congress presses Treasury for relief on Section 385 proposal

Tammy Whitehouse | August 24, 2016

Sen. Orrin Hatch (R-Utah), chairman of the Senate Finance Committee, and the majority members of the House Ways and Means Committee sent separate letters to U.S. Treasury Secretary Jacob Lew calling for some radical revisions to Treasury’s proposed Section 385 regulations, which would set stringent new documentation requirements on cross-border intercompany transactions in order for them to quality for tax-favored equity treatment. The proposal is meant to curb uses of corporate inversions to escape U.S. corporate tax rates, regarded as high compared with other countries.

The letters indicate members of Congress have been interacting with Treasury all summer looking for relief from the proposal, which tax experts say would scope in common corporate treasury transactions that multinational companies routinely use to manage...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.