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International Tax Policy Forum and Tax Policy Center

Corporate Inversions and Tax Policy

Featuring Keynote Remarks by Senator Orrin Hatch

Friday, January 23rd, 2015, 8:50 AM – 1:15 PM

The Brookings Institution, Falk Auditorium, 1775 Massachusetts Avenue NW, Washington, DC 20036

Corporate inversions, which change the tax home of a multinational corporation by merging it with a foreign company that then becomes the parent of the multinational group, received considerable attention in 2014, including from the IRS, which in September released a notice describing regulations the government intends to issue to reduce the tax benefits of future inversion transactions.  Corporate inversions elicit strong reactions: some call U.S. companies involved in these transactions “unpatriotic,” while others view them as symptomatic of an out-of-step U.S. corporate tax system, with its high rate and worldwide reach that differs from the territorial taxes widely used by other countries. These inversions are also not unique to the U.S, with firms in the United Kingdom and elsewhere also using them during periods when their foreign incomes were subject to high rates of domestic taxation.

 On Friday, January 23rd, the Urban-Brookings Tax Policy Center and the International Tax Policy Forum will co-host a conference examining the history, causes, and consequences of corporate inversions, the policy response in the United Kingdom, and what actions the U.S. should take.  Experts from a variety of backgrounds will share their perspectives, and Senator Orrin Hatch will give keynote remarks at the close of the event.

 

To watch the video conference:

http://www.brookings.edu/events/2015/01/23-corporate-inversions-and-tax-policy

Link to the conference materials:  /action/document/download?document_id=1996


Mission and Goals

Founded in 1992, the International Tax Policy Forum (ITPF) sponsors nonpartisan academic research and conferences to promote an informed dialogue on international tax issues. Currently, ITPF's membership includes more than 40 major, U.S.-based multinational companies.

ITPF Members
ITPF's membership consists of major U.S.-based multinational companies, representing diverse industries and a huge portion of overall U.S. economic activity.

Abbott Laboratories
AbbVie, Inc.
Alcoa Inc.
American Express Company
American International Group
Bank of America
Bank of New York/Mellon
Barclays Capital Inc.
Boston Scientific
Cargill Inc.
Caterpillar Inc.
Chevron Corporation
Cisco Systems, Inc.
Citigroup, Inc.
Coca-Cola Company
Dow Chemical Company
E.I. DuPont De Nemours & Co.
Eaton Corporation
Exxon Mobil Corporation
General Mills
Goldman Sachs
Hewlett-Packard Company
Honeywell
IBM Corporation
Intel
Johnson & Johnson
Johnson Controls Inc.
Mars, Incorporated
McDonald's Corporation
Microsoft
Mondelez International Inc.
Morgan Stanley
Oracle
PepsiCo, Inc.
Pfizer Inc.
Procter & Gamble Company
Prudential
State Street Corp.
Time Warner, Inc.
Tupperware Corporation
United Technologies Corporation
Verizon
Walmart Stores Inc.


Latest International Tax Policy News

Global tax reform will lead to economic growth at home

by Kyle Pomerleau (Washington Examiner)

Japan recently announced that it will be lowering its corporate tax rate with further planned cuts over the next five years. While other countries are actively improving their corporate tax code, the United States seems stuck in the discussion phase. Much talk has focused on our burdensome and complex domestic corporate tax code, but Congress would be remiss to gloss over the same problems that exist within our international tax system.
For the Washington Examiner article, go here.



BEPS Project Will Lead Boardrooms To Scrutinize Tax Planning, Stack Predicts

by Kevin A. Bell (Bloomberg Daily Tax Report)

One significant consequence of the international project to combat base erosion and profit shifting (BEPS) is that the boards of multinational companies will spend more time weighing the risks of engaging in international tax planning, a U.S. Treasury official said.

For the BNA DTR story, go here. (subscription required)