September 22, 2014 / 10:14 PM / 4 years ago

U.S. Treasury moves against corporate tax-avoidance "inversion" deals

WASHINGTON, Sept 22 (Reuters) - The Obama administration said on Monday it will take several actions against corporate tax-avoidance deals known as “inversions” by reducing the tax benefits accessible to inverted companies and by making inversions more difficult to do.

The effective date for the new inversion rules is Monday, said a senior Treasury official on a conference call with reporters.

Treasury Secretary Jack Lew said in a statement: “These first, targeted steps make substantial progress in constraining the creative techniques used to avoid U.S. taxes, both in terms of meaningfully reducing the economic benefits of inversions after the fact, and when possible, stopping them altogether.” (Reporting by Kevin Drawbaugh, Jason Lange and Emily Stephenson; Editing by Diane Craft)

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