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IRS Attacks Tax Exemption for US Territories

by | Feb 3, 2006 | Uncategorized

The Treasury Department issued rules on Monday requiring owners of companies based in U.S. territories to have set up shop and live there at least six months a year to benefit from corporate tax breaks amounting to up to 90 percent of profits.

The rules apply to Guam, Puerto Rico, American Samoa, Puerto Rico, the Northern Mariana Islands and the U.S. Virgin Islands. They went into effect Tuesday