2014-08-05T211120Z_1_LYNXMPEA740YI_RTROPTP_2_USA

Treasury weighing actions to stem tax avoidance

Lew testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on the Financial Stability Oversight Council's annual report, on Capitol Hill in WashingtonThe Obama administration said on Tuesday it is considering administrative actions to discourage U.S. companies from moving to other countries to reduce their tax bills, given the failure of Congress to address the issue. While some Democratic lawmakers are clamoring for anti-inversion legislation, Republicans have set a higher hurdle by saying the issue should only be addressed through comprehensive tax reform. The Treasury Department said legislation was the only way to fully address the matter but that it was studying the possibilities of a partial fix. “Treasury is reviewing a broad range of authorities for possible administrative actions that could limit the ability of companies to engage in inversions, as well as approaches that could meaningfully reduce the tax benefits after inversions take place,” a Treasury representative said in an email.

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