USCIB Welcomes Treasury White Paper Criticizing EU State Aid Investigations

Fountain pen on taxNew York, N.Y., August 24, 2016 – The United States Council for International Business (USCIB), which champions the global interests of American companies, welcomed the U.S. Treasury’s white paper criticizing the European Commission’s ongoing state aid investigations. The investigations are aimed at recouping prior-year tax benefits freely granted by European Union member state tax authorities on companies’ global operations.

“We wholeheartedly agree with the Treasury’s conclusion that these tax investigations challenge EU member state tax sovereignty, go far beyond accepted practice and threaten to undermine ongoing efforts to strengthen international tax cooperation,” said USCIB President and CEO Peter M. Robinson. “USCIB is concerned that these moves by the EU could dramatically undercut the OECD’s efforts to build a new and stable international consensus.”

After three years of negotiations, the OECD/G20 project on base erosion and profit shifting (BEPS) designed to address corporate tax avoidance concluded last year with governments developing a framework for modernizing international tax rules.

In a blog post accompanying the release of the white paper, Robert Stack, deputy assistant secretary of the Treasury for international tax affairs, wrote: “These investigations have major implications for the United States. In particular, recoveries imposed by the Commission would have an outsized impact on U.S. companies. … The investigations have global implications as well for the international tax system and the G20’s agenda to combat BEPS while improving tax certainty to fuel growth and investment.

Implementation of the BEPS project was a major focus of USCIB’s most recent OECD International Tax Conference, held last June in Washington, D.C. USCIB provides American business input to the OECD’s work on global tax policy through its role as the U.S. member of BIAC, the Business and Industry Advisory Committee to the OECD.

About USCIB:
USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and regulatory coherence. Its members include U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world. With a unique global network encompassing leading international business organizations, including BIAC, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment. More information is available at www.uscib.org.

Contact:
Jonathan Huneke, VP Communications, USCIB
+1 212.7035043 or jhuneke@uscib.org

USCIB Hails Launch of U.S.-EU Trade and Investment Talks

L-R: European Council President Van Rompuy, President Obama, European Commission President Barroso, UK Prime Minister Cameron.
L-R: European Council President Van Rompuy, President Obama, European Commission President Barroso, UK Prime Minister Cameron.

New York, N.Y., June 17, 2013 – The United States Council for International Business (USCIB) applauded today’s announcement at the G8 Summit in Lough Erne, Northern Ireland that the United States and the European Union have launched negotiations for a Transatlantic Trade and Investment Partnership (TTIP).

“The European Union is our biggest export market, while the transatlantic investment relationship is the largest in the world, but there are plenty of additional opportunities if we play our cards right,” said USCIB President and CEO Peter Robinson.

“TTIP has the capacity to provide a big boost to our competitiveness, economic growth, and jobs here at home, and can jump-start other trade liberalization efforts at the regional and multilateral levels.”

According to the White House, the initial round of U.S.-EU talks is set to begin in Washington on July 8. It said TTIP will aim to further open EU markets, strengthening rules-based investment to grow the world’s largest investment relationship, while eliminating all tariffs on trade, improving market access for trade in services and tackling costly “behind the border” non-tariff barriers that impede the flow of goods, including regulatory impediments.

Last month USCIB submitted a report on TTIP to the U.S. Trade Representative’s office detailing recommended negotiating objectives in a variety of areas. Earlier this month, USCIB organized a roundtable in New York on the stakes for business in the TTIP negotiations.

Robinson said USCIB would work with fellow industry groups and the U.S. Trade Representative’s office to ensure that American industry views are front and center in the negotiations. USCIB is on the steering committee of the recently launched Business Coalition for Transatlantic Trade.

About USCIB:
USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and regulatory coherence. Its members include U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world. With a unique global network encompassing leading international business organizations, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment. More at www.uscib.org.

Contact:
Jonathan Huneke, USCIB
+1 212.703.5043, jhuneke@uscib.org

More on USCIB’s Trade and Investment Committee

More on USCIB’s European Union Committee