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New Obama plan will target 'tax havens'

China Daily | Updated: 2009-05-05 07:52

US President Barack Obama will propose today outlawing three offshore tax-avoidance techniques US companies such as Caterpillar Inc and Procter & Gamble Co want to use to save $190 billion over the next decade and make it riskier for Americans to stash money in tax-haven banks.

Obama and Treasury Secretary Timothy Geithner will target a strategy that allows US-based multinational companies to effectively hide from the Internal Revenue Service the role their foreign subsidiaries play in shifting profits into low-tax jurisdictions such as the Cayman Islands, an administration official said.

The proposal would net $86.5 billion in revenue between 2011-2019 by overhauling regulations from Bill Clinton's administration.

New Obama plan will target 'tax havens'

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