US taxman relaxes company loan rules
IRS looks to ease inter-company loan tax rules to fight the credit crunch
The US taxman has relaxed loans rules to help companies deal with the tough
credit market.
Businesses that received loans from their foreign subsidiaries would have to
pay a 35% tax if the loan was not repaid after 30 days, however the Internal
Revenue Service has pushed that out to 60 days, reported
WebCPA.
‘Recently, circumstances affecting liquidity have made it difficult for
taxpayers to fund their operations,’ reported the notice.
Further reading:
