6/6/2022, 12:09 PM (Source: TeleTrader)
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Some US firms voice 'concern' on foreign tax relief changes - report

Foreign tax credit regulations that became effective this year are endangering some firms' earnings, and their CFOs are raising concerns with United States Treasury Secretary Janet Yellen, the Wall Street Journal reported on Monday.

According to the report, companies such as Coca-Cola, General Electric, Walt Disney, and Verizon Communications stated that the new regulations, which tighten the timing of when American companies can claim tax credits for payments made to foreign countries, have put them at a competitive disadvantage and will result in double taxation.

In the letter to Yellen, which the WSJ's CFO Journal reviewed, the finance chiefs said they have "serious concerns" over the regulations, calling them a "radical departure" from established law.

Baha Breaking News (BBN) / JG