The Homeland Investment Act (HIA) is expected to pass through the U.S. Congress as part of House Ways and Means Chairman Bill Thomas’s International Tax Bill, having been bumped off the Jobs and Growth Tax Relief Reconciliation Act last month. The bill proposes to reduce, for one year, the applied tax rate to excess qualified foreign distributions from 35 percent to 5.25 percent. If passed, the bill is predicted to prompt a US$ inflow in excess of $200m. Some estimates have put the figure closer to $800m, due to an expected increase in offshore borrowing by corporates in anticipation of the legislation. Due to the controversial nature of other parts of the International Tax Bill, the HIA is now unlikely to become law before 2004. The bill is likely to contain an attempt to resolve the dispute between the EU and U.S. over the U.S. Extraterritorial Income regime (ETI), which as been ruled against by the World Trade Organisation as an unfair trade subsidy to U.S. exporters.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.