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  • African Tax Incentive

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    thinkhadley
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    The U.S. State Department proposed eliminating U.S. income taxes on profits repatriated by U.S. companies that invest in African factories producing goods eligible for the African Growth and Opportunity Act (AGOA). AGOA allows duty-free imports from 37 African countries and has tripled U.S. trade with sub-Saharan Africa since 2000. However, the tax proposal received skepticism from Congress since a previous tax repatriation proposal was controversial and ending tax on foreign profits faces Democratic opposition. The State Department still advocates renewing and expanding AGOA to further incentivize U.S. investment in Africa.

    Исходное описание:

    Description of Tax Incentives for investing in Africa.

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    The U.S. State Department proposed eliminating U.S. income taxes on profits repatriated by U.S. companies that invest in African factories producing goods eligible for the African Growth and Opportunity Act (AGOA). AGOA allows duty-free imports from 37 African countries and has tripled U.S. trade with sub-Saharan Africa since 2000. However, the tax proposal received skepticism from Congress since a previous tax repatriation proposal was controversial and ending tax on foreign profits faces Democratic opposition. The State Department still advocates renewing and expanding AGOA to further incentivize U.S. investment in Africa.

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    17 просмотров2 страницы

    African Tax Incentive

    Загружено:

    thinkhadley
    The U.S. State Department proposed eliminating U.S. income taxes on profits repatriated by U.S. companies that invest in African factories producing goods eligible for the African Growth and Opportunity Act (AGOA). AGOA allows duty-free imports from 37 African countries and has tripled U.S. trade with sub-Saharan Africa since 2000. However, the tax proposal received skepticism from Congress since a previous tax repatriation proposal was controversial and ending tax on foreign profits faces Democratic opposition. The State Department still advocates renewing and expanding AGOA to further incentivize U.S. investment in Africa.

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    © All Rights Reserved
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    из 2

    INTERNATIONAL TRADE

    May 2011
    U.S. State Department Encourages Tax Incentives For African Investments
    U.S. Tax Incentive Proposal. On May13th, Assistant Secretary of State Johnnie
    Carson announced that the State Department is endorsing a tax incentive proposal where
    U.S. income taxes would be eliminated on repatriated profits from U.S. companies that
    invest in factories in Africa that produce eligible products under the Africa Growth and
    Opportunity Act (AGOA).
    AGOA. AGOA is a U.S. trade preference program - enacted in 2000 and
    currently scheduled to expire in 2015 that allows all marketable goods produced in 37
    sub-Saharan African countries that are eligible for the program to enter into the U.S.
    market without any duties or tariffs.
    U.S. trade with sub-Saharan Africa countries has almost tripled under the AGOA
    trade program.
    In 2010, U.S. exports to Africa were $17.1 billion and U.S. imports from
    this region were $64.3 billion.
    Before AGOA was enacted in 2000, U.S. exports were $5.9 billion and
    U.S. imports from Africa were $23.4 billion.
    AGOA has made a lot of progress in creating jobs, spurring economic growth and
    facilitating a dialogue on key economic and political challenges facing many countries in
    the sub-Saharan Africa.
    The State Department believes AGOA remains the centerpiece of U.S. trade and
    investment policy with Africa. Assistant Secretary of State Johnnie Carson is advocating
    for the renewal of AGOA through 2025. In addition, Mr. Carson is recommending going
    one step further to incentivize greater U.S. investment by eliminating any U.S. tax on
    repatriated profits from U.S. companies that invest in factories in Africa that produce
    AGOA exports to the United States.

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    Congressional Reaction. Unfortunately, the State Department tax proposal received a


    cool reception from the tax writing committees in the Senate and House since another
    repatriation tax proposal a one-time repatriation holiday on all foreign earnings has
    been so controversial. In reaction to Carsons proposal, Senate Finance Chairman
    Baucus warned that any repatriation idea faces a tough sell. Tax-free repatriation of
    foreign earnings is strongly opposed by many Democrats, including President Obama. It
    does not have the support of House Speaker John Boehner and House Ways and Means
    Committee Chairman David Camp has been skeptical about the idea. Nonetheless,
    repatriation will be an issue that will be examined by Congress as a broader effort to
    reform the entire U.S. tax code as part of an effort to stimulate the U.S. economy and
    encourage more business investment.
    For more information, please contact:
    Bill Ewing, Partner- Atlanta office
    william.ewing@btlaw.com
    404-264-4050
    Roy Hadley, Partner- Atlanta office
    roy.hadley@btlaw.com
    404-264-4036
    Alan Gorman, Partner- Atlanta office
    alan.gorman@btlaw.com
    404-264-4022

    2011 Barnes & Thornburg LLP. All Rights Reserved. This page, and all information on
    it, is proprietary and the property of Barnes & Thornburg LLP. It may not be reproduced,
    in any form, without the express written consent of Barnes & Thornburg.
    This Barnes & Thornburg LLP publication should not be construed as legal advice or legal
    opinion on any specific facts or circumstances. The contents are intended for general
    informational purposes only, and you are urged to consult your own lawyer on any specific
    legal questions you may have concerning your situation.

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