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Senate Committee Targets Tax Havens, ReinsuranceWashington

Two leading members of the Senate Finance Committee are taking aim at so-called “tax havens” with new legislation that could have a major impact on certain reinsurance transactions.

Sens. Charles Grassley, R-Iowa, and Max Baucus, D-Mont., have introduced a bill that would give the Internal Revenue Service greater leeway in determining the “proper” amount of income taxation involved in reinsurance transactions among related parties.

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