Finance Disrupted Economist Event

Initially seen as a threat, banking incumbents have acknowledged the profitability behind collaborating with fintech insurgents and the opportunity to create win-win partnerships.

On September 28th at Finance Disrupted top venture capitalists and established banks will bring a hollistic perspective to find out: who is succeeding, who is failing, and where is the new seed and growth capital going?

Annual OECD Tax Conference Showcases Tax Reform

Mark Prater, chief tax counsel for the Senate Finance Committee, spoke at the conference.

Against the backdrop of new global tax rules developed under the BEPS Action Plan and efforts to advance tax reform in the United States, USCIB members and others from the business community gathered in Washington, D.C. on Monday and Tuesday for the 12th annual OECD International Tax Conference.

Organized by USCIB in concert with the 35-nation Organization for Economic Cooperation and Development as well as Business at OECD (BIAC), the conference has grown into an annual must-attend event for tax practitioners, experts and regulators from around the world.

With an eye toward the direction of possible U.S. tax reform, including reduction of the top corporate tax rate from the current 35 percent, Pascal Saint-Amans, director of the OECD’s Center for Tax Policy and Administration, told conference-goers that he expects most OECD economies to adopt corporate tax rates in the 20-30 percent range. Saint-Amans said there may be some exceptions, including in the UK, where top rates may drop below 20 percent.

Other speakers picked up the theme. “The current U.S. system is broken,” said Mark Prater, chief tax counsel and deputy staff director of the Senate Finance Committee, during keynote luncheon remarks. “Tax reform is a difficult political transaction,” he observed, but “the U.S. sits at a crossroads of reform, which is an opportunity that has not been available in a generation.”

Over the course of the two-day conference, which took place at the Four Seasons Hotel, participants discussed tax policy trends, current tax reform, tax uncertainty, digitalization, increases in intangible assets, and dealing with tax-related disputes through arbitration. They also focused on transfer pricing as well as the OECD’s new multilateral instrument, signed today in Paris.

“The conference provides a real opportunity for dialogue between business, governments, and the OECD,” said USCIB Vice President and International Tax Counsel Carol Doran Klein. “This year, because the focus is now on BEPS implementation, there was good discussion of opportunities to improve tax certainty, including a pilot International Compliance Assurance Program, Advanced Pricing Agreements and an improved Mutual Agreement Procedure.”

On the multilateral instrument, Will Morris, chair of the BIAC Committee on Taxation and Fiscal Affairs, told Bloomberg BNA: “Many of us in the business community doubted the OECD would get the consensus necessary for a document of this scope and substance. But they have, and [the multilateral instrument] opens the door to changes in the tax treaty process, and to a number of key international tax rules, that are significant.”

USCIB/OECD/BIAC International Tax Conference

USCIB, OECD, and BIAC, in cooperation with IFA-USA, ITPF, NFTC, OFII, TCPI, TEI and Tax Foundation, will host its annual conference on the OECD’s new international taxation initiatives on June 5-6, 2017 in Washington, D.C. This conference will provide a unique opportunity for the U.S. business community to interact with key representatives from the OECD Centre for Tax Policy and Administration and senior tax officials from the U.S. and other key countries involved in the OECD/G-20 BEPS project.

 

Business at OECD Gears Up for OECD Ministerial Council Meeting

Business at OECD (BIAC) will be hosting executive leadership, including USCIB’s President and CEO Peter M. Robinson, and Citi’s Rick Johnston, USCIB board member and BIAC vice chair at their General Assembly in Paris this week. Business at OECD will also participate in the OECD Ministerial Council Meeting, which will bring together economy, finance and trade ministers from OECD countries to discuss strategic orientations for the coming years under the theme “Making Globalization Work.”

Business at OECD will provide guidance to OECD and governments on addressing the challenges of strengthening growth and boosting economic participation, drawing upon its 2017 statement to Ministers, which includes recommendations on:

  • Support a better business environment and map competitiveness
  • Create the conditions to benefit from trade and investment on a level playing field
  • For growth and investment, ensure good governance and predictable tax policies
  • Increase participation by promoting the skills and competencies to thrive in the digital era
  • Focus on entrepreneurship

USCIB Weighs in With Treasury Secretary on Multinational Tax Rules

USCIB and other industry groups are urging the Trump administration to push back against efforts in the G20 and other multilateral forums to circumscribe the U.S.’s ability  to tax overseas income of U.S.-based multinationals. USCIB, along with the Information Technology Industry Council (ITI), National Foreign Trade Council (NFTC) and U.S. Chamber of Commerce sent a joint letter to Secretary of the Treasury Steven Mnuchin requesting that the Trump administration take immediate action to ensure that tax principles that would adversely affect U.S.-based multinational companies and the rights of the United States to tax the income earned by such companies are not encouraged or endorsed by international bodies focusing on taxation rules, particularly those applicable to businesses operating in the digital economy.

The letter, in part, responds to the G7 Finance Ministers Communique on taxes which was released on May 13.  The multi-association letter urges the Treasury not to make any new commitments on taxes.  The letter also urges caution on expanding G20 commitments.  It also urges the Treasury to nominate a delegate to the UN Committee of Tax Experts stating that it is important to have a U.S. voice on this committee.  USCIB has learned that Treasury now intends to nominate a delegate to the UN Committee of Tax Experts.

The letter stated, “considerable pressure has been applied by other countries to modify the existing international framework of taxation laws in a way that would enhance the taxation rights of other countries at the expense of the United States and its interests. We are concerned that recently proposed “special measures” targeted at the digital economy, could reduce tax payments to the United States by U.S.-headquartered international companies and disadvantage U.S. companies attempting to compete overseas by increasing their tax obligations to the jurisdictions that adopt such measures.”

2017 OECD Tax Conference

 

The 2017 OECD International Tax Conference

Final Agenda

 Four Seasons Hotel, Washington D.C
June 5-6, 2017

Keynote Speech by Mark Prater – Chief Tax Counsel and Deputy Staff Director for the Republican staff of the U.S. Senate’s Committee on Finance

The OECD, USCIB and BIAC, in cooperation with IFA-USA, ITPF, NFTC, OFII, TCPI, TEI and Tax Foundation, will host a conference on the OECD’s new international taxation initiatives on June 5-6, 2017 in Washington, D.C. This annual conference provides a unique opportunity for the U.S. business community to interact with key representatives from the OECD Centre for Tax Policy and Administration and senior tax officials from the U.S. and other key countries involved in the OECD’s international tax work.

For more information, please contact Erin Breitenbucher (202-682-7465 or ebreitenbucher@uscib.org).

For information on how you can become a sponsor of the 2017 conference, please contact Abby Shapiro (617-515-8492 (mobile) / 212-703-5064 or ashapiro@uscib.org)

Final Agenda

Participant Information

Hotel Room Block

Key Topics:

  • Tax Reform Trends
  • Improving Tax Certainty
  • Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI)
  • Transfer Pricing
  • Dispute Resolution
  • Inclusive Framework on BEPS & Developing Countries

Featured Speakers:

  • Pascal Saint-Amans – Director of the Center for Tax Policy & Administration, OECD
  • Martin Kreienbaum – Director General, International Taxation, Federal Ministry of Finance, Germany
  • Mike Williams – Director, Business and International Tax, HM Treasury
  • Doug O’Donnell – Commissioner, Large Business and International (LB&I) Division, IRS
  • Grace Perez-Navarro – Deputy Director of the CTPA, OECD
  • Achim Pross – Head of International Cooperation and Tax Administration, OECD
  • Jefferson Vanderwolk – Head of the Tax Treaty, Transfer Pricing & Financial Transactions Division, OECD
  • James Karanja – Head of joint OECD/UNDP Tax Inspectors Without Borders (TIWB) Initiative
  • Will Morris – Chairman, BIAC Committee on Taxation and Fiscal Affairs
  • Other Senior Treasury and Foreign Tax Policy Officials

2016 Conference Recap: USCIB Tax Conference Tackles BEPS Implementation

More on USCIB’s Taxation Committee

2017 Conference Sponsored By:

EY_Logo

 

TTI_BEPS_Logo_2160x1080

PWC

 

VERTEX Logo

 

exxonmobil

 

 

Black Deloitte Logo

 

KPMG_NoCP_RGB

ktMINE_finalogo_RGB (1)

Print

mayer_brown_c

Miller_Chevalier-logo_300dpi-01

 

Exhibitors:

 

bloomberg bna logo

Corptax_WEB

 

ivins-for IBCN Red

 

Presented by:

USCIB logo

OECD

Business at OECD Logo - 2016

In association with:

IFA Logo
ITPF
NFTC logo
Organization for International Investment
TCPI
Tax Executives Institute, Inc.

OECD Tax Conference: Information for Participants

Conference Materials:

  • USB Flash Drives with Background Documents will be included in materials handed out to attendees. Electronic copies are available to registered participants upon request.

PowerPoint Presentations

  • Hard Copies of PowerPoint Presentations will not be distributed. Electronic copies are available to registered participants upon request. 

Conference Logistics:

Location Details: The conference will be held at the Four Seasons Hotel located at 2800 Pennsylvania Avenue NW. The meeting portion of the conference will take place in the Corcoran Ballroom located on the Banquet level. The Reception on Monday, June 5th will take place in the Seasons Restaurant on the Lower Lobby Level.  The Luncheon on Tuesday, June 6th will take place in the Dumbarton Conservatory next door to the Corcoran Ballroom.

Wireless Internet:  Wireless internet is available for conference attendees in the meeting room.  Please ask a member of the conference staff for the wireless password. Complimentary internet is also available to conference participants in your hotel room.

Parking:  Discounted Valet Parking is available at the conference venue, The Four Seasons Hotel, for conference attendees. The discounted rate is $29 per day.  Please pick up a parking validation sticker at the registration table for each day of the conference.

Metro: The nearest metro station is the Foggy Bottom-GWU station.  Both Blue and Orange lines stop at the Foggy Bottom Metro.  The Hotel is approximately a four block walk from the metro. (Map below)

3415_image002

2017 OECD International Tax Conference – Hotel Room Block

A limited number of rooms have been blocked at the reduced rate of $405/night at the conference venue, The Four Seasons Hotel, Washington, D.C. Unbooked rooms (if any) will be released for general sale on May 17, 2017, and the group rate will not be available after this date.

Please call the hotel directly and mention the United States Council for International Business (USCIB) room block: 1-202-944-9157. To book online, please visit www.fourseasons.com/washington and use the promo code CI0617OEC.

Rooms reserved without a processed registration will be released for confirmed participants.

Below are a few other nearby options:

1)       The Graham Georgetown – thegrahamgeorgetown.com

2)       The Fairmont Washington, DC, Georgetown – www.fairmont.com/Washington

3)       Park Hyatt – parkwashington.hyatt.com

4)       The Westin, Georgetown, Washington, DC – www.westingeorgetown.com

5)       Melrose Hotel – www.melrosehoteldc.com

6)       The Georgetown Inn – www.georgetowninn.com

 

Conference Website

Taxation

 

Fountain pen on tax

Chair

Bill Sample
Vice President – Tax
Microsoft Corporation

Vice Chair

Timothy M. McDonald
Vice President, Finance & Accounting, Global Taxes
The Procter & Gamble Company

Vice Chair

Will Morris
Deputy Global Tax Policy Leader
PwC

Staff

Carol Doran Klein
Vice President and International Tax Counsel
202-682-7376 or cdklein@uscib.org

Erin Breitenbucher
Senior Policy & Program Associate and Office Manager, Washington
202-682-7465 or ebreitenbucher@uscib.org

Working Groups / Subcommittees

BIAC/ICC Subcommittee

Inbound Investment Subcommittee

Legislative and Administrative Developments Subcommittee

Tax Treaties Subcommittee

Transfer Pricing Subcommittee

Working Group on Consumption Taxes

Working Group on the Digital Economy

Working Group on Environment and Energy Taxes

Working Group on Financial Services Issues

Working Group on Permanent Establishment Issues

What’s at Stake for Business

  • Multiple sets of inconsistent rules drive up costs and result in double taxation.
  • Double taxation will have a negative impact on global trade and investment.

Current Priorities

  • Provide leadership and business perspective on key OECD projects including BEPS, transfer pricing guidelines for intangibles, permanent establishment rules.  USCIB works closely with BIAC on OECD issues.
  • Urge the OECD to consider the need for a predictable fiscal environment that will protect and encourage cross-border trade and investment in the context of developing and implementing BEPS recommendations.
  • Support enactment of foreign tax simplification provisions in the IRC that would significantly reduce the burden of complexity for U.S. companies and enhance their international competitiveness.
  • Successfully manage the 2017 OECD International Tax Conference in Washington, DC on June 5-6, 2017.

USCIB at Work

USCIB plays a leading role in advocating sound, consistent international taxation policies and opposes any efforts to unfairly increase the tax burden on companies in several forums:

  • At the OECD, leading voice through BIAC informing policymakers on the unintended negative consequences resulting from unilateral actions.
  • At the UN, providing business input at the UN’s Committee of Tax Experts including on changes to the UN Model and UN Transfer Pricing Guidance.
  • In Washington, promoting business interests to U.S. Treasury and House Ways and Means and Senate Finance Committees on International Tax Reform and U.S, competitiveness.

Recent Advocacy Engagement

The Committee has a deep technical knowledge of the practical applications of tax policy and works to prevent any policies that may have unintended negative consequences.  USCIB is also:

  • Engaging with the OECD by submitting comment letters and participating in Public Consultations and informal consultations on BEPS to advocate for the need of effective dispute resolution and clarity in guidance regarding all BEPS outcomes.
  • Citing business concerns with BEPS and noting the threat of double taxation and its negative impact on global trade and investment in letters sent to U.S. Treasury Secretary Jacob Lew.
  • On the Steering Committee of the BIAC Taxation Committee where we influence both agenda setting and policy development in the OECD.

Who We Are

The USCIB Tax Committee is composed of USCIB member companies representing a range of business and industry sectors. Advocacy priorities are determined that reflect consensus among the members.

Mission

The Committee works to enhance the competitiveness of U.S. business by promoting sound, appropriate and consistent international tax policy and also to prevent and eliminate government policies that result in double taxation in a range of strategic forums:

  • The OECD, particularly on the Action Plan on Base Erosion and Profit Shifting (BEPS)
  • The United Nations
  • The U.S. Department of Treasury

Recent Accomplishments

News Stories

Annual OECD Tax Conference Showcases Tax Reform (6/7/2017) - USCIB's annual tax conference with the OECD took place against the backdrop of a new multilateral tax treaty and renewed hopes for tax reform in the United States.
Business at OECD Gears Up for OECD Ministerial Council Meeting (6/2/2017) - Business at OECD (BIAC) will be hosting executive leadership, including USCIB’s President and CEO Peter M. Robinson, and Citi’s Rick Johnston, USCIB board member and BIAC vice chair at their General Assembly in Paris this week.

Read More

Press Releases

USCIB Statement on the U.S. Election Results (11/9/2016) - USCIB congratulated Donald Trump on his election as president, saying a top priority for the new administration should be a strategy for U.S. engagement with the wider world.
USCIB Welcomes Treasury White Paper Criticizing EU State Aid Investigations (8/24/2016) - USCIB welcomed the U.S. Treasury’s statement criticizing the European Commission’s ongoing state aid investigations, aimed at recouping prior-year tax benefits.

Read More

Doran Klein Attends UN Tax Committee Meetings

UN headquarterUSCIB’s tax expert Carol Doran Klein attended meetings at the UN related to tax policy earlier this month along with USCIB’s Tax Committee Chair Bill Sample. A major outcome of the meeting was the launch of the 2017 version of the UN Transfer Pricing Manual at the UN’s Economic and Social Council. The manual is almost 700 pages and is intended to be consistent with the OECD Transfer Pricing Guidelines. It also includes country practices for Brazil, China, India, Mexico, and South Africa.  The UN Committee of Tax Experts also approved a handbook on extractive industries, including a section on transfer pricing.

The Committee also approved final changes to its model income tax treaty and commentaries.  The 2017 version of the model will likely be released in October at the next meeting of the Committee of Tax Experts in Geneva, Switzerland.  The new model will adopt many of OECD’s base erosion and profit shifting treaty provisions including a new article on entitlement to benefits and modifications to the permanent establishment rules.  The new model will also include a controversial new article on taxation of fees for technical services.

“This article, if adopted in a bilateral income tax treaty, would permit the country where technical services are consumed to impose a tax on those services regardless of where the services are performed or whether the person performing the services had any presence in the country of consumption of the services,” said Doran Klein.

Members from countries that export services objected strongly to the inclusion of this new Article in the model.