UN agency: US tax reform could cut investment elsewhere - KCTV5

UN agency: US tax reform could cut investment elsewhere

Posted: Updated:

GENEVA (AP) - The U.N.'s trade and development agency says multinational companies could use U.S. President Donald Trump's tax reform to return $2 trillion to the United States, leading to "sharp reductions" in foreign direct investment worldwide.

The U.N. Conference on Trade and Development says the reform includes a one-time tax on accumulated foreign earnings that could free up funds overseas to be repatriated.

The assessment, calculated based on similarities to the Homeland Investment Act passed 13 years ago, remains preliminary.

UNCTAD said Monday the overall impact of any repatriation could be limited because much is in cash, not tangible assets.

Secretary-General Mukhisa Kituyi said the impact on investment in the developing world remains unclear.

UNCTAD says nearly half of all global investment is in the United States or owned by U.S. multinationals.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly
KCTV 5 News

Online Public File:

Powered by WorldNow CNN
All content © 2018, KCTV; Kansas City, MO. (A Meredith Corporation Station) . All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.