U.S. Treasury Secretary Jack Lew on October 9 announced the United States formally accepts the deliverables from the G-20/OECD base erosion and profit shifting (BEPS) project concerning international rules governing the taxation of company profits.
According to a Treasury Department release, Secretary Lew stated:
The United States is proud to have played a leading role in developing the BEPS recommendations. We were able to advance our ideas in key areas such as limiting interest deductions and pushing for improved dispute resolution among countries. We are already engaged in the process of BEPS implementation, including country by country reporting by large multinational firms, and will continue to work to advance this important agenda.
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