USCIB joined the Software Finance & Tax Executives Council and the National Foreign Trade Council in signing a letter to U.S. Treasury Secretary Jacob Lew citing concerns with the OECD’s Base Erosion and Profit Shifting (BEPS) project. The letter notes that the threat of double taxation will have a negative impact on global trade and investment.
The BEPS project is an effort by the OECD to rewrite global rules that tax profits where economic activity is generated, without imposing undue compliance costs on taxpayers.
“Throughout the BEPS process, U.S. business has been pressing for clarity,” the letter states. “The lack of clarity and threat of double taxation will create uncertainty which will have a negative impact on global trade and investment.”
Last month, USCIB hosted its tenth annual OECD International Tax Conference in Washington, D.C., which took stock of BEPS and its impact on international trade and investment.