They say that the companies hold the money in no-tax or low-tax havens like Ireland to ensure it stays out of the reach of fiscal authorities. The companies say they want to see a lower US tax rate before the bring it back; currently the top rate is 35 percent. Now the companies say they are ready to pay taxes on the money in the United States, just not at the current rate the US government would assess. But with the piles of profits mounting offshore, tax activists say the companies are simply holding out for another tax holiday, and that the rules on taxation need to be reformed. US regulators "should take a page from the European Commission’s book and crack down on rampant corporate tax avoidance."

Source: Bangkok Post September 01, 2016 01:52 UTC