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Lenders warn that Senate "base erosion" tax plans being discussed by lawmakers will penalise foreign-owned banks that make interest payments within their corporate groups.In a letter seen by the FT, the Institute of International Bankers, which represents the U.S. units of foreign banks, issued lawmakers an "urgent" request to amend the provision, warning that in its current form it would force banks to reduce lending or restructure their U.S. operations.The IIB's members include BNP Paribas, Credit Suisse, Deutsche Bank and UBS and it says its members provide about one-third of all U.S. business loans and hold approximately 20 percent of all U.S. banking assets. The problem for banks has arisen because of efforts by U.S. lawmakers to reduce international companies' ability to drive down their tax bills by funnelling tax-deductible payments out of the U.S. to other entities within their corporate group.
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