The offshore rate was sometimes weaker than the domestic one, and while the baht did eventually stabilise, the two-tier market had little to do with it.
And the total rate of offshore leasing has fallen two-thirds under this administration.
In 2004 under President George W. Bush, Washington let corporations temporarily bring money from offshore profits at a flat rate of around 5.25%.
"We think that will help raise money and bring back cash stored offshore, " because the rate would be so much lower than what is charged today.
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The alternative taxing policy being touted by Republicans is to allow for companies to bring back offshore profits at a reduced rate, as low as 5.25%.
The U.S. offshore industry experienced an even lower rate of 0.8 incidents per 100 full-time workers.
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Mr. Romney has been pilloried for offshore investments and his famously low rate.
The companies are pushing to reprise the 2004 holiday that allowed them to bring home offshore earnings at a low tax rate of 5.25 percent.
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Yes, this would have to be introduced at a very low rate lest it drive trading offshore.
And the European Commission says both deals may be illegal under the EU savings-tax directive of 2005, because they let offshore-account holders pay a lower rate of withholding tax without having to reveal their identities.
The key issue is that the new trade has created a wedge between the government-controlled, onshore exchange rate (CNY) and the offshore currency as it trades in Hong Kong, which is known as CNH.
Strong demand for offshore drilling helped the firm to boost the utilization rate of its fleet.
The new legislation would allow U.S. corporations holding money offshore to repatriate those funds at a reduced tax rate.
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The moves by Ensco and Rowan, which operate offshore oil rigs, show how one company's effort to lower its tax rate can spur other shifts.
By issuing shallow water drilling permits at a rate 10 percent that of the same time last year, BOEM has imposed a de facto ban on offshore energy exploration on top of the official deepwater stay that ran from May to November.
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