Barclays CEO Applauds Potential Withdrawal of Section 899 Tax Proposal
Barclays CEO C.S. Venkatakrishnan has expressed approval of indications that U.S. Republicans might eliminate the Section 899 tax proposal. The proposal has faced criticism from multinational firms, including Barclays, over its potential to deter investments in the U.S. Venkatakrishnan highlights the importance of the UK-US economic relationship.
- Country:
- United Kingdom
Barclays CEO C.S. Venkatakrishnan has welcomed the prospect of U.S. Republicans dropping the Section 899 retaliatory tax proposal from their legislative agenda. This potential move is seen as a positive development for UK-based companies like Barclays that have significant investments in the United States.
The proposal, which has been opposed by multinational corporations, would allow the U.S. President to impose retaliatory taxes on nations that levy taxes on American firms under a 2021 global tax framework deemed unfair by former President Donald Trump.
Venkatakrishnan emphasized the importance of the strong economic ties between the UK and the U.S., noting that the current cooperation between the UK Chancellor and the U.S. Treasury Secretary benefits businesses in both countries.
(With inputs from agencies.)
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