USCIB Promotes Foreign Direct Investment Qualities Initiative at OECD Ministerial

The OECD Ministerial Conference Meeting (MCM) took place in Paris June 9-10, focused on “The Future We Want: Better Policies for the Next Generation and a Sustainable Transition,” with a ministerial conference statement promoting sustainable economic recovery in the post-pandemic world, transition to sustainable and inclusive development, adoption of resilient health systems, among other important initiatives. Importantly, ministers at MCM adopted roadmaps for accession to the OECD for Brazil, Bulgaria, Croatia, Peru and Romania, opening up a key opportunity for USCIB to work through Business at OECD to advance member priorities in these countries.

At a side event, “Strengthening Sustainable Investment Policies,” Chair of the USCIB Trade and Investment Committee and Chair of Business at OECD Rick Johnston promoted the OECD FDI Qualities Initiative and the newly unveiled FDI Policy Toolkit for supporting sustainability goals. According to Johnston, the FDI Qualities Initiative is not only important to OECD members states but also to the developing markets they serve. “Sustainability indicators must be part of FDI regimes or the host country will not only suffer bad investments but also collateral problems.” He underscored that the private sector takes seriously sustainable FDI and urged countries to work closely in partnership with business in adopting policies that “make sense.”

On 10 June, the OECD Council Recommendation on FDI Qualities for Sustainable Development was adopted by OECD ministers. USCIB through Business at OECD (BIAC) strongly contributed to the FDI Qualities effort. Launched in 2018, the OECD FDI Qualities Initiative aims to better link FDI with sustainable development, focused on four Sustainable Development Goals (SDGs): productivity and innovation, job quality and skills, gender equality, and decarbonization. The Initiative includes:

  • The FDI Qualities Indicators provides data measuring the impacts of investments on SDGs in host countries; the FDI Qualities Indicators report for 2022, includes new sections on the green economy and resilience to the COVID-19 pandemic.
  • The FDI Qualities Policy Toolkit is a new product to help governments identify priorities to align investment policy and institutional reforms to sustainable development goals.
  • The FDI Qualities Policy Network is a platform for stakeholder consultation and exchange on sustainable investment policies.

USCIB Calls for Elimination of Child Labor, Calls on Governments to Invest in Rule of Law

June 12, 2022, New York, NY  — On this World Day Against Child Labor, the United States Council for International Business (USCIB) joins the chorus of global voices calling for elimination of child labor. This issue is one of profound concern for the business community and we applaud the robust efforts of our corporate members to help tackle the scourge of child labor.

Many of our affiliates and partnerships work on combating child labor through their work in monitoring and developing best practices. The U.S. Department of State also monitors and reports on child labor in their annual Human Rights Report and Trafficking in Persons Report and contributes to the Department of Labor’s annual Findings on the Worst Forms of Child Labor. Similarly, the OECD Due Diligence Guidance for Responsible Mineral Supply Chains identifies the worst forms of child labor as a serious human rights abuse associated with the extraction, transport or trade of minerals that companies should not tolerate, profit from, contribute to, assist with or facilitate in the course of doing business.

This year the International Labor Organization (ILO) hosted its 5th Global Conference on the Elimination of Child Labor where delegates agreed that the Durban Call to Action include strong commitments on action against child labor while raising concerns that existing progress has slowed and is now threatened by the COVID-19 pandemic, armed conflict, as well as food, environmental and humanitarian crises.

Despite universal ratification of ILO Convention 182 on the Worst Forms of Child Labor, there remains an unacceptable 152 million children in child labor, 72 million of which are in hazardous work. Out of the 24.9 million people trapped in forced labor, a quarter of the victims of modern slavery are children. One child is too many. Therefore, the private sector calls on governments to invest in rule of law and stands ready to partner with governments, academia, civil society and the public to reinvigorate efforts to achieve SDG Target 8.7 in order to end all forms of child labor by 2025.

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. As the U.S. affiliate of the International Chamber of Commerce (ICC), the International Organization of Employers (IOE) and Business at OECD (BIAC), USCIB provides business views to policy makers and regulatory authorities worldwide and works to facilitate international trade and investment. More at www.uscib.org.

OECD Event Attempts to Help Governments Develop Agile Governance

Rick Johnston at the Agile Governance Symposium

The OECD, Business at OECD (BIAC) and the George Washington University Regulatory Studies Center co-hosted an event on April 26 on the need for agile and adaptable regulatory practices. The event, titled “Agile Governance for our Future: Reimagining Regulation to Support Innovation” was held in person in Washington, DC, at the REACH at the Kennedy Center and received programming support from both USCIB and USCIB member Google.

The program included a keynote by Cass Sunstein of Harvard Law School, a fireside chat with Google President of Global Affairs Kent Walker as well as remarks by BIAC Chair and USCIB Trade and Investment Committee Chair, Rick Johnston of Citi.

Additional panels featured the perspectives of policymakers, regulators and civil society, including Director General of the Danish Business Authority Katrine Winding, Assistant Secretary, Regulatory Affairs Sector of the Treasury Board of Canada Secretariat Tina Green and Susana Cordeiro Guerra, manager for institutions for development at the Inter-American Development Bank.

According to USCIB Policy Manager for Regulation and Trade Chris Olsen, who attended the Symposium, this event builds on the Fall 2021 release of the OECD’s Agile Governance Recommendation, which aims to help governments develop and implement agile and resilient regulatory approaches, and facilitate institutional co-operation both in response to, and to further stimulate, international innovation. This Recommendation received input and support from the Business at OECD (BIAC) Governance and Regulatory Policy Committee.

A full recording of the symposium will soon be available on both the OECD website and through George Washington University’s program page.

USCIB Tax Committee Work Featured in Bloomberg, Tax Notes International

USCIB and the USCIB Taxation Committee appeared prominently in the tax press this week—Tax Notes International and Bloomberg Tax—with coverage of a USCIB letter filed with the U.S. Treasury Department on April 25.  According to USCIB Vice President and International Tax Counsel Rick Minor, this was a unilateral consultation and not a letter related to a public consultation that USCIB’s Tax Committee is currently working on.

Bloomberg Tax quoted Minor and excerpts of USCIB’s letter in its article, Amount B Could Involve Routine Function List, Treasury Told. “Our members consider Amount B to be, as it has been described in the 2020 Pillar One blueprint, one of the key benefits of a Pillar One solution,” he said. “The concept is directly related to one of the fundamental goals of Pillar One, improved tax certainty.”

Click here for the Tax Notes International story. Below is the Bloomberg Tax coverage with quotes from Minor and excerpts from the USCIB letter to the Treasury Department.

Bloomberg Tax: Amount B Could Involve Routine Function List, Treasury Told

By Natalie Olivo · Apr 26, 2022, 8:01 PM EDT ·  Listen to article

An approach for determining Amount B — the routine portion of profits subject to allocation under a global corporate tax plan — could include an agreed list of functions related to these earnings, a U.S. business association told the U.S. Treasury Department.

The U.S. Council for International Business sent Treasury a letter Monday that listed marketing and distribution functions that relate to normal, or routine, returns that fall under Amount B of a tax agreement reached in October by an inclusive framework of nearly 140 jurisdictions. Amount B would simplify and streamline the application of the arm’s-length principle to in-country baseline marketing and distribution activities, according to the Paris-based Organization for Economic Cooperation and Development, which led negotiations on the tax rewrite.

Amount B falls under the overhaul’s first pillar alongside Amount A — a separate provision that involves a narrow departure from traditional arm’s-length transfer pricing rules, which divide intercompany profits based on how unrelated parties would behave. Under Amount A, large companies would reallocate a portion of their above-normal returns to market jurisdictions where they have customers but not a physical presence.

The USCIB told Treasury in its letter that Amount B must be anchored in the arm’s-length principle. The group included a list of entrepreneurial functions — which commonly generate residual returns that would fall under Amount A — and a list of routine marketing and distribution functions that would relate to normal returns under Amount B.

“These two categories cover a significant volume of the transfer pricing controversies of our members which we understand Pillar One is intended to largely eliminate,” the USCIB wrote.

The group’s list of entrepreneurial functions included final decision-making on large discounts and nonstandard contracts and setting global or regional branding, marketing, pricing and promotional strategies. As for routine marketing and distribution functions, the group’s list included bearing limited market and business risks, as the profits of routine distributors are fixed, in addition to not owning any high-value intangible property.

These lists were compiled by the USCIB’s members from company transfer pricing files, meaning they represent “functions that are audit tested and generally represent clear distinctions between entrepreneurial and routine functions,” according to the group’s letter.

Rick Minor, vice president and international tax counsel at the USCIB, told Law360 on Tuesday that his group wanted to be helpful in the absence of a formal consultation to offer timely guidance on Amount B to delegates of the inclusive framework.

“Our members consider Amount B to be, as it has been described in the 2020 Pillar One blueprint, one of the key benefits of a Pillar One solution,” he said. “The concept is directly related to one of the fundamental goals of Pillar One, improved tax certainty.”

So far, the OECD has only released draft rules aimed at helping countries implement Amount A in addition to the overhaul’s second pillar, which involves minimum tax rules. The organization has also released public feedback on its Amount A draft rules, including calls for guidance that would let multinational corporations seek advance certainty on how tax administrations would apply the new rules, including a proposed anti-abuse provision.

Meanwhile, KPMG issued a proposal for Amount A that was released Tuesday by Treasury’s Office of Tax Policy. According to the firm, the proposal involves identifying entities to fund Amount A and determining the share of Amount A that would be allocated to each payer entity.

This proposal would use a formulaic approach that approximates a “market-connection” test without the need to look at transfer pricing documentation or make factual judgment calls, according to KPMG.

Treasury didn’t immediately respond to a request for comment.

2022 OECD USCIB Tax Conference

 

 
 

until we see each other in person

at the Four Seasons in Washington, D.C.

June 27, 2022

8:30 a.m. – 6:00 p.m.
6:00 – 7:30 p.m. Cocktail Reception

June 28, 2022

8:00 a.m. – 1:00 p.m.

The event is sold out.

We’re back! Now in its 15th year, 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 (“CTPA”) as well as key members of the OECD’s Committee on Fiscal Affairs: including Pascal Saint–Amans, Director, CTPA, and Grace Perez–Navarro, Deputy Director, CTPA. Speakers will also include Fabrizia Lapecorella, the new Chair of the OECD’s Committee on Fiscal Affairs and Director General for International Taxation at the Italian Ministry of Finance. The focus of the conference will be on the Two Pillar Solution to the Tax Challenges of the Digitalization of the Economy but will also cover other key international tax issues.

What You Need To Know

DAY 1

8:00–9:00

Tax Committee “Open House”

Registrants are invited to join Rick Minor at their initiative for questions and suggestions regarding the USCIB,  BIAC and ICC tax committees.

8:30–9:30

Registration

9:30–10:00

Welcome and Opening Remarks

  • Fabrizia Lapecorella, Chair, OECD Committee on Fiscal Affairs; Director General   of Finance,  Ministry of Finance, Italy
  • Rick Minor, Vice President & International Tax Counsel, USCIB
  • Tim McDonald, Senior Vice President-Finance & Accounting, Global Taxes, The Procter & Gamble Company

10:00–11:00

Two Pillar Solution to Tax Challenges of Digitalization of the Economy

After years of discussions, in October 2021, more than 130 countries and jurisdictions of the OECD/G20 Inclusive Framework on BEPS agreed a landmark Statement and Detailed Implementation Plan on the two-pillar approach to addressing the tax challenges arising from the digitalization of the economy, which was subsequently endorsed by G20 Finance Ministers and Central Bank Governors at their October meeting. Pillar One is intended to ensure a fairer distribution of profits and taxing rights among countries with respect to the largest MNEs through an innovative formulaic approach. Pillar Two sets a floor on tax competition on corporate income tax through the introduction of a global minimum corporate tax that does not eliminate tax competition but does set multilaterally agreed limitations on it. This panel will provide the broad overview of the work and discuss next steps.

  • Pascal Saint-Amans, Director, OECD Centre for Tax Policy and Administration
  • Itai Grinberg, Deputy Assistant Secretary for Multilateral Tax Office of Tax Policy, U.S. Treasury
  • Martin Kreienbaum, Director General, International Taxation, Federal Ministry of Finance, Germany
  • Tom Hutchinson, Vice President, Finance, Google
  • Alan McLean, Chair, BIAC Tax Committee and Executive Vice President, Taxation and Controller, Shell International Limited, United Kingdom
  • Lisa Wolski, Head of Government Affairs and Senior Executive Counsel, General Electric

11:00–11:20

Refreshment Break

11:20–12:30

Pillar One: Part I

Pillar One is intended to restore stability to the international tax system by bringing it into the 21st century. It re-allocates taxing rights over 25% of the residual profit of the largest and most profitable MNEs to market jurisdictions (Amount A). It does so through a formulaic approach applied to the MNE group’s profits.  This panel will discuss the overall design of Amount A and some of the key aspects of Amount A such as revenue sourcing, nexus and tax base.

  • Achim Pross, Head, International Cooperation and Tax Administration Division, OECD Centre for Tax Policy and Administration
  • Gaël Perraud, Co-Chair, OECD Task Force on the Digital Economy Director of International Taxation and European Affairs, Ministry of Economy and Finance, France
  • Itai Grinberg, Deputy Assistant Secretary for Multilateral Tax Office of Tax Policy, U.S. Treasury
  • Tracee Fultz, Global Transfer Pricing Leader, Ernst & Young LLP
  • Tim McDonald, Senior Vice President-Finance & Accounting, Global Taxes, The Procter & Gamble Company
  • Loren Ponds, Member and Co-Lead of the Tax Policy Practice, Miller & Chevalier

12:30–2:00

Luncheon and Keynote Address

Keynote Address delivered by Pascal Saint-Amans, Director, OECD Centre for Tax Policy and Administration.

2:00–3:15

Pillar One: Part II

This panel will continue the discussion of Amount A focusing on the scope of the provision, including the exclusions for extractives, and regulated financial services. It will also consider the issues associated with the elimination of double taxation, the marketing and distribution safe harbor and withholding taxes. Tax certainty issues will be covered in Session IX.

  • Achim Pross, Head, International Cooperation and Tax Administration Division, OECD Centre for Tax Policy and Administration
  • Michael Plowgian, Co-Chair, OECD Task Force on the Digital Economy and Counsellor, Office of Tax Policy, US Treasury
  • Will Morris, Deputy Global Tax Policy Leader, PwC
  • Danielle Rolfes, Co-Partner in Charge, Washington National Tax-International Tax, KPMG
  • Daniel Smith, Director, International Tax Planning & Policy, Google
  • Mike Williams, Director Business and International Tax, HM Treasury, United Kingdom

3:15–3:35

Refreshment Break

3:35–5:00

Increased Global Mobility of Workers—What does it mean for tax policy?

Digitalization has led to significant changes in labor markets, with teleworking having expanded dramatically as a result of the pandemic and with new types of jobs that can be done anywhere increasing. Physical presence is a key determinant of corporate income tax nexus and taxing rights such as PE creation and company residence. Physical presence also plays an important role in transfer pricing (e.g., income allocation, profit attribution if PE is created). At the same time, tax incentives to attract so-called “digital nomads” are being introduced. The OECD issued some interim guidance at the onset of the pandemic but is it time to take a deeper look at these issues? This panel will discuss the tax treaty, transfer pricing and other implications of this trend for businesses, individuals and tax policy and tax administration.

  • Grace Perez-Navarro, Deputy Director, OECD Centre for Tax Policy and Administration
  • Liz Chien, Global Head of Tax and Chief Tax Counsel, Protocol Labs Inc.
  • John Harrington, Partner, Dentons US LLP
  • Liz Stevens, Member, Caplin & Drysdale
  • Bret Weaver, Partner, KPMG
  • Mike Williams, Director, Business and International Tax, HM Treasury, United Kingdom

5:00–6:00

Tax and Climate Change

Countries have committed to ambitious emissions reduction targets and a growing number have committed to net-zero greenhouse gas emissions by 2050 while others are already moving in that direction. However, and in spite of significant progress made to date, near-term policy actions on climate remain insufficient to meet the Paris Agreement objectives, and the diversity of policy approaches risks limiting their combined impact as well as elevating the likelihood of negative spillovers. To ensure the effectiveness of combined efforts and to avoid adverse interactions with trade and development agendas, the OECD has proposed establishing an inclusive forum for greater multilateral dialogue, informed, and facilitated by technical and objective analysis of carbon pricing and other climate mitigation measures, building on the OECD’s comparative data in Taxing Energy Use.  This panel will discuss the latest developments in this area.

  • Pascal Saint-Amans, Director, OECD Centre for Tax Policy and Administration
  • Fabrizia Lapecorella, Chair, OECD Committee on Fiscal Affairs, and Director General of Finance, Ministry of Finance, Italy
  • Hannah Hawkins, Principal, KPMG Washington National Tax, KPMG
  • Alan McLean, Chair, BIAC Tax Committee and Executive Vice President, Taxation and Controller, Shell International Limited, United Kingdom

6:00–7:30

Reception

DAY 2

7:30–8:00

Tax Committee “Open House”

Registrants are invited to join Rick Minor at their initiative for questions and suggestions regarding the USCIB,  BIAC and ICC tax committees.

8:00–8:30

Continental Breakfast

8:30–10:40

Pillar Two: Global Minimum Tax

This session will focus on the second pillar, which sets out the Global Anti-Base Erosion rules (GloBE) and the Subject to Tax Rule (STTR.) The GloBE rules, which were published in December 2021 and complemented by Commentary released in March 2022, aim to address the continued risk of profit shifting to entities subject to no or very low taxation through the development of two inter-related rules: an income inclusion rule and an under-taxed payment rule. The panel will discuss the main elements of the GloBE rules, STTR as well as the plan for implementation.

  • John Peterson, Head of Unit, Aggressive Tax Planning, OECDCentre for Tax Policy and Administration
  • Rebecca Kysar, Counselor to the Assistant Secretary for Tax Policy, US Treasury
  • Isaac Wood, Attorney-Advisor, Office of Tax Policy, US Treasury
  • Martin Kreienbaum, Director General, International Taxation, Federal Ministry of Finance, Germany
  • Barbara Angus, Global Tax Policy Leader, Ernst & Young LLP
  • Ryan Bowen, Senior Manager | Washington National Tax Office, Deloitte
  • Harris Horowitz, Managing Director, Global Head of Tax Policy & Innovation, BlackRock, Inc.
  • Louise Weingrod, Vice President, Global Taxation, Johnson & Johnson

10:40–11:00

Refreshment Break

11:00–12:00

Tax Certainty: Dispute Prevention/Dispute Resolution | Session 1

Under the Pillars: Dispute Prevention and Resolution

Enhancing tax certainty is a key element of the Two Pillar Solution to the tax challenges arising from digitalization. The October Statement calls for MNES that are in-scope of Pillar One to benefit from dispute prevention and resolution mechanisms to avoid double taxation for Amount A, including all issues related to Amount A. Given the formulaic approach to allocating profits under Amount A, this will call for innovative, multilateral approaches to dispute prevention and resolution. Amount B, which calls for simplification and streamlining of the application of the arm’s length principle as it applies to in-country baseline marketing and distribution activities is also intended to enhance tax certainty by reducing disputes on some of the most common transfer pricing cases. The Inclusive Framework is also considering tax certainty in the context of Pillar Two, as Implementation framework consistency, coordination, simplicity, and safe harbors. This panel will discuss the challenges and opportunities in designing rules to prevent disputes and ensure timely resolution of disputes under each of the Pillars.

  • Achim Pross, Head, International Cooperation and Tax Administration Division, OECD Centre for Tax Policy and Administration
  • Michael Plowgian, Co-Chair, OECD Task Force on the Digital Economy and Counsellor, Office of Tax Policy, US Treasury
  • Gaël Perraud, Co-Chair, OECD Task Force on the Digital Economy Director of International Taxation and European Affairs, Ministry of Economy and Finance, France
  • Mary Bennett, Senior Counsel, Baker & McKenzie
  • Tom Roesser, GM, Tax Policy Counsel, Microsoft

12:00–1:00

Tax Certainty: Dispute Prevention/Dispute Resolution | Session 2

Beyond the Pillars: Dispute Prevention and Resolution

The OECD Forum on Tax Administration continues to explore ways to increase tax certainty for taxpayers and tax administrations by making certainty available earlier, by making certainty processes more efficient, and by providing opportunities for certainty to be provided on a coordinated or multilateral basis. This panel will discuss the latest developments in the ICAP program, as well as work on streamlining the APA process, the possibility of multilateral APAs and MAP, and the wider use of standardized benchmarking.

  • Grace Perez-Navarro, Deputy Director, OECD Centre for Tax Policy and Administration
  • John Hughes, Director of Field Operations, Northeastern Compliance Practice Area (Mid-Atlantic) (LB&I), IRS
  • Nate Carden, Partner, Skadden
  • Mark Martin, Principal, Washington National Tax, KPMG
  • Tim McDonald, Senior Vice President-Finance & Accounting, Global Taxes, The Procter & Gamble Company
  • Sonja Schiller, Head of Global Tax Controversy, Netflix

1:00–1:05

Closing Remarks

  • Rick Minor, Vice President & International Tax Counsel, USCIB
  • Pascal Saint-Amans, Director, OECD Centre for Tax Policy and Administration
  • Grace Perez-Navarro – Deputy Director, Centre for Tax Policy and Administration, OECD
  • John Peterson – Head of Unit, Aggressive Tax Planning, OECD Centre for Tax Policy and Administration
  • Achim Pross – Head of International Cooperation and Tax Administration Division, Centre for Tax Policy and Administration, OECD
  • Pascal Saint-Amans – Director, Centre for Tax Policy and Administration, OECD
  • Rick Minor – Vice President & International Tax Counsel, USCIB
  • Itai Grinberg – Deputy Assistant Secretary (International Tax Affairs), U.S. Treasury
  • John Hughes – Director of Field Operations, Northeastern Compliance Practice Area (Mid-Atlantic) (LB&I), IRS
  • Rebecca Kysar – Counselor to the Assistant Secretary for Tax Policy, U.S. Treasury
  • Michael Plowgian – Co-Chair, OECD Task Force on the Digital Economy and Counsellor, Office of Tax Policy, US Treasury
  • Isaac Wood – Attorney-Advisor, Office of Tax Policy, US Treasury
  • Martin Kreienbaum – Director General, International Taxation, Federal Ministry of Finance, Germany
  • Fabrizia Lapecorella – Director General of Finance of the Italian Ministry of Economy and Finance and Chair of OECD Committee on Fiscal Affairs
  • Gaël Perraud – Co–Chair, OECD Task Force on the Digital Economy; Director of International Taxation and European Affairs, Ministry of Economy and Finance, France
  • Mike Williams – Director, Business and International Tax, HM Treasury, United Kingdom
  • Barbara Angus – Global Tax Policy Leader, Ernst & Young LLP
  • Mary Bennett – Senior Counsel, Baker & McKenzie
  • Ryan Bowen – Senior Manager, Washington National Tax Office, Deloitte
  • Nate Carden – Partner, Skadden
  • Liz Chien – Global Head of Tax and Chief Tax Counsel, Protocol Labs Inc.
  • Tracee Fultz – Global Transfer Pricing Leader, Ernst & Young LLP
  • John Harrington – Partner, Dentons US LLP
  • Hannah Hawkins – Principal, KPMG Washington National Tax, KPMG
  • Harris Horowitz – Managing Director, Global Head of Tax Policy & Innovation, BlackRock, Inc.
  • Tom Hutchinson – Vice President, Finance, Google
  • Mark Martin – Principal, Washington National Tax, KPMG
  • Tim McDonald – Chairperson, USCIB Tax Committee and Senior Vice President, Finance & Accounting, Global Taxes, The Procter & Gamble Company
  • Alan McLean – Chairperson, Business at OECD Committee on Taxation and Fiscal Affairs and Executive Vice President, Tax and Controller, Shell International Limited
  • Will Morris – Deputy Global Tax Policy Leader, PwC
  • Loren Ponds – Member and Co-Lead of the Tax Policy Practice, Miller & Chevalier
  • Tom Roesser – GM, Tax Policy Counsel, Microsoft
  • Danielle Rolfes – Co-Partner in Charge, Washington National Tax-International Tax, KPMG
  • Sonja Schiller – Head of Global Tax Controversy, Netflix
  • Daniel Smith – Director, International Tax Planning & Policy, Google
  • Liz Stevens – Member, Caplin & Drysdale
  • Bret Weaver – Partner, KPMG
  • Louise Weingrod – Vice Chairperson, USCIB Tax Committee and Vice President, Global Taxation, Johnson & Johnson
  • Lisa Wolski – Head of Government Affairs and Senior Executive Counsel, General Electric

The registration rate is $1,495 for USCIB members and $1,795 for non–members.

Registrations are non-refundable. Cancellations are liable for the full conference fee. You may send a substitute in your place for no additional charge. Substitutions must be requested, in writing, no later than Friday, June 10.

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 will be sent via email to participants when they are finalized.

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 Luncheon on Monday, June 27 will take place in the Dumbarton Conservatory next door to the Corcoran Ballroom.  The Reception, also on Monday, June 27, will take place in the Seasons Restaurant on the Lower Lobby Level.

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. 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

A limited number of rooms have been blocked at the reduced rate of $435/night plus 14.95% tax at the conference venue, The Four Seasons Hotel, Washington, D.C.

Unbooked rooms (if any) will be released for general sale on June 6, 2022, and the group rate will not be available after this date.

Please contact the hotel Reservations Team at 202-342-0444 or by e-mailing res.washingtondc@fourseasons.com and mention the United States Council for International Business (USCIB) room block using the following code: 062722OECD.

Rooms reserved without a processed registration will be cancelled in order to ensure space for confirmed participants.

USCIB’s Tax Committee is the most respected U.S. business association on international tax issues. USCIB is the only U.S. business association formally affiliated with the world’s three largest business organizations where we work with business leaders across the globe to extend our reach to influence policymakers in international markets that… click here to learn more.

For sponsorship opportunities, please contact Alison Hoiem (ahoiem@uscib.org). 

For sponsorship opportunities, please contact Alison Hoiem (ahoiem@uscib.org). 

For registration support, please contact Diana Mendez (dmendez@uscib.org). 

For anything else, please contact Katya Nicholas (knicholas@uscib.org). 

2022 Sponsors:

 

Caplin & Drysdale

Black Deloitte Logo

Presented by:

USCIB logo

OECD

In association with:

IFA Logo

ITPF

 

USCIB Makes a Case for FDI and Investor Rights at OECD

USCIB members and staff made a compelling case for foreign direct investment FDI) and investor rights last week as part of a roundtable discussion with leadership at the Organization for Economic Cooperation and Development (OECD).

Senior Vice President of International Government Affairs at USCIB member Chubb Yancy Molnar described the contradiction between high demand for FDI today accompanied by a deteriorating environment for investment due to growing anti-business bias around the globe.

“Chubb has never seen such uncertainty,” proclaimed Molnar, which is particularly troubling for insurance, telecommunications and financial services companies, which often have to establish operations in country for prudential reasons. These industries are “heavily regulated and need more protections,” he argued.

Many trends today raise concerns. There is growing pressure to elevate the interests of civil society and sovereign authority in investment agreements and investor state dispute settlement proceedings. There are efforts to reshore supply chains which can translate into an anti-FDI bias.

Moreover, as geo-political frictions rise, nations around the globe are more closely scrutinizing and restricting both inbound and outbound investments through a national security lens. Some USCIB companies face potential expropriation of assets for complying with sanctions regimes in response to Russia’s invasion of Ukraine.

“All are creating a chill on FDI flows,” noted USCIB Senior Advisor Shaun Donnelly.

USCIB Director for Investment, Trade and China Alice Slayton Clark intervened, arguing “governments and international organizations have a critical role, today more than ever, in providing the necessary welcoming environment to encourage foreign direct investment in an uncertain world.” She urged the OECD and nation states to engage more closely with industry to learn about growing barriers to investment and defend a rules-based trade and investment system, particularly the investor state dispute settlement system which safeguards investor rights particularly when investing in riskier markets.

The April 5 roundtable was organized by Business at OECD (BIAC) to connect BIAC members directly with the OECD Investment Committee leadership. OECD Investment Division Head Ana Novik and the OECD Investment Committee Chair Manfred Schekulin attended, as well as leading business representatives from Europe and Japan. USCIB is grateful to Business at OECD for organizing the important engagement.

USCIB Provides Business Recommendations During ‘Our Common Agenda’ Consultation at UN Headquarters

Peter Robinson at the United Nations HQ in NY

USCIB President and CEO Peter Robinson was invited as a speaker for the fifth and final Informal Thematic Consultation on the United Nations report Our Common Agenda (OCA) on March 11 under the theme Enhancing International Cooperation. Representing USCIB, Robinson attended the consultation in person at the UN Headquarters in New York. 

In his remarks, Robinson referenced a quote by UN Secretary General António Guterres on how the international community currently is facing a momentous choice: will we “break through or break down?”  

“This question is even more urgent in light of recent disruptive events,” said Robinson. “Can the multilateral system survive these challenges? For business, the answer must be yes. Moreover, the private sector is part of the support structure needed to restore and strengthen the multilateral system and realize Our Common Agenda’s vision of more inclusive international cooperation.”

Robinson then went on to express gratitude to USCIB’s partners in the global business community, “When it comes to international cooperation, our focus here today, USCIB is privileged to be part of global leading business groups dedicated to working with the multilateral system – ICC, IOE and BIAC.” 

Highlighting business recommendations to the UN in taking forward the proposals set out in the OCA, Robinson advocated for the need to regard business and employers’ organizations as essential attributes of democratic and inclusive governance in both national and international settings and the critical need to crowd in and mainstream public-private sector partnerships.  

“Let me close with what might at first sound like a provocative statement: there can no longer be any conflict of interest between the private sector and the UN,” added Robinson. “Time and again, whether in response to the pandemic, or in unprecedented support for the Paris Agreement, or in humanitarian responses to help refugees, the private sector has leaned into international cooperation for our shared interests. Let us pursue the OCA’s opportunities through inclusive practical multilateralism, involving business, for the UN we want and need.” 

The President of the United Nations General Assembly (UNGA) Abdulla Shahid has convened five informal thematic consultations on the landmark UN report, Our Common Agenda (OCA), released by Guterres in September 2021. Through a five-part series of consultations, commencing with the first one in February 2022, Member States and other stakeholders, including the private sector, have been given the opportunity to discuss the proposals outlined in the OCA and their potential implementation in the Decade of Action.  

To find more information on Our Common Agenda, please visit this website.  

Robinson Offers Ideas for WTO Reform at IOE-BIAC Meeting on Postponed WTO Ministerial

The International Organization of Employers (IOE) and Business at OECD (BIAC) co-hosted an event on March 2 to follow up on the postponed World Trade Organization (WTO) Ministerial. The event, titled “Trade policy to recover and to achieve employment goals and greater resilience: How can an open trading system adapt to the new sustainability expectations?” included representatives of IOE and BIAC member organizations, such as USCIB President and CEO Peter Robinson, who gave remarks on the topic: “What is needed for WTO reform?”

In his remarks, Robinson pointed out that all three of WTO’s core functions are in crises—negotiation among WTO’s 164 members whose interests greatly diverge, monitoring trade rules and transparency among members, and dispute settlement—the WTO’s Appellate Body, paralyzed since the end of 2019 thus making WTO trading rights virtually unenforceable.

“These three fundamental functions must be redesigned, reconfigured, or reimagined to be fit for purpose,” said Robinson. He then cited a proposed bill, introduced by Senators Rob Portman (R-Ohio) and Chris Coons (D-Delaware), the “Trading Systems Preservation Act,” which could help reinvigorate the WTO by pushing for agreements that aren’t required to be observed on a most-favored nation basis. “On the issue of negotiation, we also support advancing a comprehensive WTO reform agenda that tackles special and differential treatment, distortive non-market industrial subsidies and state-owned enterprises.”

“USCIB would like to lend its voice in emphasizing the importance of the voice of business, among other legitimate stakeholders, at the WTO,” added Robinson. “While initiatives, such as the WTO Public Forum, are welcome opportunities to engage, all stakeholders in the multilateral, rules-based trading system would benefit from greater ongoing opportunities for dialogue – governments, civil society and the private sector alike.”

Other speakers joining Robinson during the meeting included WTO Deputy Director General Angela Ellard, who spoke about updates on the WTO agenda, Business at OECD Trade Committee Chair Pat Ivory, who discussed business priorities for WTO’s response to the pandemic, and the International Chamber of Commerce (ICC) Permanent Observer before the UN in Geneva Crispin Conroy, who shared perspectives on trade and environmental sustainability. Speakers from Keidanren, BusinessEurope and BEF discussed the importance of multilateral collaboration, digitization and strengthening inclusivity and sustainability in global trade.

This dialogue was a follow-up to last year’s launch of the “Business Coalition for Trade, Employment and Sustainable Enterprise,” led by IOE and including business organizations that share the belief that the multilateral, rules-based trading system has been a crucial driver not just for economic growth, but also for employment creation and sustainable development, which have played a key role in reducing poverty and raising living standard in many economies.

Kennedy Advocates for Business Mainstreaming in OECD Expert Panel on Post-COP26 Action  

The OECD Washington Center co-organized an expert panel discussion on “Post-COP26: Driving Climate Action” last month. The discussion focused on how to understand and continue the momentum of the 26th United Nations Climate Change Conference (COP26) which transpired in Glasgow, Scotland in November 2021. As USCIB’s lead environment, energy and climate change expert, Senior Vice President of Policy and Global Strategy, Norine Kennedy supported USCIB members attending COP26.  

Other speakers on the panel included the Deputy Director of the Environment Directorate at OECD Ingrid Barnsley; Director of International Climate Initiatives at the World Resources Institute David Waskow, and Lead Climate Lawyer at the U.S. State Department Andrew Neustaetter.

Kennedy remarked that COP26 was noteworthy, “not just because of the turnout and the accomplishments, but also because we have never seen that kind of engagement from U.S. business – and indeed – from business at large.” Kennedy also pointed out that hundreds of CEOs attended, as well as thousands of business representatives from all over the world. With numerous and substantial voluntary pledges made by the private sector, COP26 demonstrated the unprecedented willingness of business to act on climate change.

USCIB is already starting to plan its engagement in COP27 in November in Egypt to build on these commitments and to ensure such business actions are taken into account in the Paris Agreement global stock-take, which will provide the basis for additional commitments by governments.   

Yet business received only scant mention in COP26 concluding documents. “While the outcome documents from Glasgow refer multiple times to a range of constituencies, business was barely mentioned, aside from Article 6 on carbon pricing,” said Kennedy.   

In closing, Kennedy emphasized that USCIB members support meaningful inclusion and mainstreaming of business as necessary to scale up action to keep 1.5 alive, ramp up further deployment of private sector innovation and investment and bring private sector solutions and employment, including in connection with adaptation and resilience.

To watch a recording of the panel, please visit this website.  

USCIB Meets With Australian Consul General to Discuss Mutual Interests, Future Collaboration

Left to right: Nick Greiner, Peter Robinson

USCIB had the honor of hosting Australian Consul General Nick Greiner and his colleague Mike Ryan on February 16 in the USCIB New York office.

The meeting between the Australian delegation and USCIB, which included USCIB President and CEO Peter Robinson and Senior Vice President for Policy and Global Strategy Norine Kennedy, allowed for a candid discussion of mutual interests and potential future collaboration—namely in trade and investment, climate change and digital economy, among others.

It was acknowledged that USCIB and its Australian counterpart, the Australian Chamber of Commerce and Industry (ACCI), are both privileged to serve as the respective national affiliates of the three main global business organizations: International Chamber of Commerce (ICC), International Organization of Employers (IOE), and Business at OECD (BIAC).

ACCI also serves as a Steering Team Partner on The USCIB Foundation’s Business Partners to CONVINCE initiative, which is a global network of employers of all sizes that seeks to build vaccine confidence and support uptake among employees.

The Australian Consulate is located in the same building as the Australian Mission to the United Nations, and Consul General Greiner generously offered to introduce USCIB to the latter.