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Treasury & Taxation

International Taxation Rules, Negative Interest Rates Force Changes for MNCs

July 31, 2015
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FX hedging, capital planning, and working-capital management top the list of high priorities for members in 2015. Longer-term, structural changes to the financial, business and liquidity footprint of US MNCs will be part of the solution. 

T30-2 members at the spring 2015 meeting in Atlanta discussed a range of topics, including the unique market situation that makes euro issuance especially attractive but creates FX pain as part of the bargain. Members also contemplated what liquidity structure was best to pursue now in light of changes that may be required because of negative interest rates in Europe, tax and transfer-pricing changes related to OECD BEPS, and alterations being made to enterprise platforms. In this context, T30-2 treasurers considered whether they wanted to pursue an in-house bank, for example, or, if they had one already, whether their in-house bank was “fully functional” to take advantage of their current treasury operating environment.

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