07 May 2009 12:01 [Source: ICIS news]
SHANGHAI (ICIS news)--The president of ExxonMobil Chemical said on Thursday that the company wants to work with the administration of Barack Obama on proposed changes to the taxation of US companies doing business overseas.
Steve Pryor cited American Chemistry Council (ACC) estimates that the budget and tax proposals would increase the tax burden on the country’s petrochemical companies by 50%.
“We are hopeful that the president and the administration will look at the big picture and come up with energy policies and taxation policies that will ensure that we can continue to do our job and bring the energy supplies that our country needs, and still do it in a way that is environmentally very responsible,” Pryor said.
“The ACC study says that… the change of tax burden of doing business overseas [is] going to have a pretty dramatic effect on the fortunes and the competitiveness and in some cases the survival of members of [the energy] industry,” he added.
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