Senators introduce bill to deny tax credits to companies that pay Russian taxes

The senses. Americans Ron Wyden (D-OR) and Rob Portman (R-OH) introduced legislation that would ban foreign tax credits for companies that pay taxes to the Russian government.

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The law on supporting Ukraine through our tax code would deny foreign tax credits for income taxes paid to Russia or Belarus. If passed, they would join an existing list of countries already ineligible for foreign tax credits: North Korea, Iran, Syria and Sudan.

“American taxpayers should not subsidize the Russian war machine. Vladimir Putin continues to bomb civilians, and credible reports and solid evidence of war crimes, including the execution of civilians and forced deportations, emerge daily,” Wyden and Portman said in a joint statement.

The draft discussion of their bill has already been reviewed by stakeholders and outside experts. This bill reflects the changes resulting from those discussions.

“If companies choose to continue doing business in Russia and paying taxes to Putin’s government in the face of these atrocities, they should forfeit their foreign tax credits and deductions for taxes paid to Russia to the states. -United. Russian oligarchs and companies supporting Putin should also not receive tax advantages in the United States. These are mere proposals,” the senators said.

Wyden is the chairman of the Senate Finance Committee, while Portman also sits on the committee.

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