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Financial institutions in the C’bean reportedly worried about 2nd Obama term
A second term in office for United States President Barack Obama has reportedly caused some concern for the future of International Financial Centres across the Caribbean and further afield.
That’s the view of Irish economics lecturer Steve Kinsella.
according to a CMC report, he believes countries like Barbados, which allow multinationals corporations tax savings on their profits will almost certainly be targeted if US President Barack Obama wins re-election in November.
Writing in the “Irish Independent” on March 6, the University lecturer stated that international financial centres like Ireland and Bermuda were being branded as “tax havens” by the cash-strapped US administration.
He reportedly added that “Noises are being made as part of the US presidential election. The fact that so many US multinationals are availing of tax havens abroad is beginning to dawn on a cash-strapped US administration.
“If re-elected, Obama may close off the dozens of tax loopholes multinationals currently use, cutting Ireland’s recovery off before it starts.”
Last month the Obama administration took aim at so-called corporate tax havens in a proposed overhaul of the US corporate tax system which would lower the tax rate for companies while encouraging job creation in the United States.
Recently the US Senate Permanent Subcommittee on Investigations issued a highly critical report on the subject, citing multinationals’ use of offshore financial centres such as the British Virgin Islands, the Cayman Islands and Switzerland to reduce — or entirely eliminate — their American tax bills.
A second term in office for United States President Barack Obama has reportedly caused some concern for the future of International Financial Centres across the Caribbean and further afield.
That’s the view of Irish economics lecturer Steve Kinsella.
according to a CMC report, he believes countries like Barbados, which allow multinationals corporations tax savings on their profits will almost certainly be targeted if US President Barack Obama wins re-election in November.
Writing in the “Irish Independent” on March 6, the University lecturer stated that international financial centres like Ireland and Bermuda were being branded as “tax havens” by the cash-strapped US administration.
He reportedly added that “Noises are being made as part of the US presidential election. The fact that so many US multinationals are availing of tax havens abroad is beginning to dawn on a cash-strapped US administration.
“If re-elected, Obama may close off the dozens of tax loopholes multinationals currently use, cutting Ireland’s recovery off before it starts.”
Last month the Obama administration took aim at so-called corporate tax havens in a proposed overhaul of the US corporate tax system which would lower the tax rate for companies while encouraging job creation in the United States.
Recently the US Senate Permanent Subcommittee on Investigations issued a highly critical report on the subject, citing multinationals’ use of offshore financial centres such as the British Virgin Islands, the Cayman Islands and Switzerland to reduce — or entirely eliminate — their American tax bills.
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