US set to limit benefits of inversion

US treasury secretary Jacob 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 said “there is one loophole that should be shut down immediately — inversions”.

“With the pace of these deals on the rise and no clear sign of when Congress will have legislation in place, treasury is completing its work on administrative action to use our existing authority to limit the economic benefits of inversion,” he added.