For USMNEs,the Tax-Deferral Privilege Operating Through a Foreign Subsidiary Was Not

For U.S.MNEs,the tax-deferral privilege operating through a foreign subsidiary was not originally a tax loophole.On the contrary,it was granted by the U.S.government to allow U.S.firms to expand overseas and place them on a par with foreign competitors,which also enjoy similar types of tax deferral and export subsidies of one type or another.

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