IRS reaches agreement with Wal-Mart |
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Fri, 12 Jan 2007 20:33
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WASHINGTON (AFX) - The Internal Revenue Service announced Friday it cut a deal with China to resolve double taxation disputes in an agreement that involves Wal-Mart Stores Inc.The agreement is the first advance pricing agreement, or APA, the agency has concluded with China, the IRS said. APAs let multinational corporations and the IRS resolve transfer pricing issues and potential double taxation disputes in advance, rather than during an audit, the U.S. agency said.'Were working closely with China as they develop their tax administration system,' IRS Commissioner Mark W. Everson said in a written statement. 'This is an important event, and I'm pleased we have been able to reach this agreement with the Chinese tax authority and Wal-Mart.'Shares of Wal-Mart rose 34 cents to $47.94 in afternoon trading on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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