Foley & Lardner LLP Partner Christopher Swift is quoted in a Bloomberg Tax article, “Senator Backs Tax Penalties for Russian Oligarchs, Companies,” about Senate Finance Chairman Ron Wyden's proposal to block tax breaks to sanctioned Russian oligarchs and to U.S. companies that pay taxes to Moscow in retaliation for Russia’s invasion of Ukraine.
The proposal would alter a key feature in the tax code that allows global companies to lower their U.S. tax bill based on the levies they pay to foreign governments. It "acts as both an inducement to U.S. companies to leave Russia and a penalty for those who choose to remain," said Swift.
As the Russia-Ukraine war continues, so too do new business and legal implications for companies around the world. For more information on how to mitigate risk and protect your business, contact a Foley lawyer today.