House Ways and Means Chairman Paul Ryan (R-WI) today issued a statement, following the OECD’s release of final recommendations under the base erosion and profit shifting (BEPS) project.
Today’s statement issued by the Ways and Means Committee provides, in part:
Trillions of dollars of American capital are locked out of the United States and, as a result, U.S. companies are being targeted by governments eager to tax away their earnings. While the details still require close review, this proposal will only increase the pressure for American businesses to move overseas. And it could put huge new burdens on American job creators.
The Ways and Means statement also refers to earlier correspondence addressed to Treasury Secretary Jack Lew from both Chairman Ryan and Senate Finance Committee Chairman Orrin Hatch (R-UT), in which the leaders of the congressional tax writing committees questioned Treasury’s planned country-by-country reporting (that would reflect one of the BEPS initiatives) and outlined their concerns about the inclusion of country-by-country reporting on the Treasury / IRS regulations project list. Read TaxNewsFlash-United States
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