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
© 2019 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.