Tripp Gantt, CEO of Manulife US REIT. (Photo: Manulife US REIT)

One of the promises that President Joe Biden made while on the campaign trail as the Democratic presidential nominee was to eliminate offshore tax loopholes.

These include tightening the United States Foreign Account Tax Compliance Act (FATCA) and Internal Revenue Code (IRC) to ensure that corporate profits are not shielded by offshoring arrangements.

Now almost two years into his term in office, Biden’s promise to apply greater scrutiny on the IRC and FATCA appears to be gaining momentum.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.