Accountancy Age, Accountancy Age, Tuesday 19 October 2010 at 10:28:00

Big companies plead with Obama for amnesty to help bring home billions incash held overseas

Companies in the US are seeking a tax concession that would allow them tobring home an estimated $1,000bn currently held in overseas jurisdictions.

According to theFinancialTimes companies are now seeking some form of tax holiday from the Obamaregime so the cash can be used in the US.

Typically repatriated cash would face a charge of 25-35%.

The FT reports Keith Sherin, CFO of General Electric, saying he believes itwould be good for the US economy if the money could be brought home at morecompetitive rates.

The estimates of how much is held by US companies overseas comes from JPMorgan research.

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