Priceline successor pays $1.6B to repatriate profits
Wednesday, February 28th, 2018Days after abandoning its longtime Priceline Group name, the new Booking Holdings revealed Tuesday it is paying $1.6 billion as a one-time expense under the federal Tax Cuts and Jobs Act, as the Norwalk travel website operator repatriates international profits to IRS jurisdiction. Booking Holdings boosted its profits for the year despite the tax expense, with earnings up 10 percent in 2017 to $2.3 billion, on a 19 percent increase in travel bookings to $81.2 billion.
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