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US feeble attempt to stem tax inversions

Friday, July 11 15:39:16

The US House of Representatives have voted to stop American companies who have re-domiciled to Bermuda or the Cayman Islands from winning certain US Government contracts.

The attempt to stem the flow of US multinationals from using so-called "Tax inversions", however, will change nothing because it applies for one year and only to contracts for a narrow range of energy and water projects.

It wouldn't affect most of the companies in the latest round of inversion transactions. These are using tax inversion tactics that domicile them in Ireland, the UK and Switzerland, not Bermuda or the Cayman Islands.

"It's legal, they can do it, but what we're not going to do is provide them with the opportunity for federal contracts," said the proposal's sponsor, Democratic Representative Rosa DeLauro of Connecticut. "We're going to shut that down."

Existing laws designed to prevent such companies from winning U.S. contracts have failed to stop the companies, including Ingersoll-Rand, from getting government business, a Bloomberg News investigation earlier this month found.

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