Today and tomorrow, the OECD, USCIB, and BIAC are hosting a conference on the OECD’s current tax initiatives. The conference includes several panels on various aspects of the OECD’s Base Erosion and Profit Shifting (BEPS) project, including panels on “treaty abuse,” transfer pricing aspects of intangibles, the digital economy, hybrids, country-by-country reporting, and information exchange.
- Today, Ways and Means Committee Chairman Dave Camp (R-MI) and Senate Finance Ranking Member Orrin Hatch (R-UT) released a statement on the conference and the OECD’s work on BEPS. They stated: “[W]e are concerned that the BEPS project is now being used as a way for other countries to simply increase taxes on American taxpayers. When foreign governments – either unilaterally or under the guise of a multilateral framework – abandon long-standing principles that determine taxing jurisdiction in a quest for more revenue, Americans are threatened with an un-level playing field…. We are willing to work through these issues until an international consensus exists and we have achieved the right answer, but we will not be rushed into a bad outcome… Ultimately, we believe that the best way for the United States to address the potential problem of BEPS is to enact comprehensive tax reforms that lower the corporate rate to a more internationally competitive level and modernize the badly outdated and uncompetitive U.S. international tax structure.”
The statement can be accessed via:http://waysandmeans.house.gov/news/documentsingle.aspx?DocumentID=383338