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Treasury wrapping up work to limit inversions

U.S. Treasury Secretary Jacob J. Lew said the department is finishing work to limit the benefits companies gain from moving their addresses overseas.

By Ian Katz | Updated on September 22, 2014
U.S. Treasury Secretary Jacob J. Lew. Photo: AP

(Bloomberg) — U.S. Treasury Secretary Jacob J. Lew said the department is finishing work to limit the benefits companies gain from moving their addresses overseas even if his action won’t be enough to stop the practice known as inversion.

Lew, speaking to reporters Sunday after a meeting of the Group of 20 finance ministers and central bankers in Cairns, Australia, reiterated that while the Obama administration wants to revamp the broader U.S. corporate tax code, “there is one loophole that should be shut down immediately — inversions.”

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