Amendments to the tax code to be proposed by Obama on May 4

A new set of proposals on international tax policies will be rolled out by the U.S. President Barack Obama on Monday in an announcement with potential implications for U.S. multinational firms, reports the Reuters. According to the White House Obama will be joined by Treasury Secretary Timothy Geithner for the 11:05 a.m. EDT (1505 GMT) event.

The budget proposed by Obama in February mentioned some proposals to change the tax treatment of U.S. firms with overseas operations as well as measures that should be taken to prevent international tax evasion. The White House noted at that time the measures would bring as much as $210 billion in additional revenue over the next decade.