USCIB’s Taxation Committee has undertaken a number of recent initiatives to advance our overarching objective of enhancing U.S. competitiveness by promoting sound, appropriate, and consistent international tax policy at home and abroad.
USCIB’s working groups on the transfer pricing of intangibles finalized an initial paper on the definition of intangible property and submitted it to the OECD and the U.S. Treasury. The OECD’s Center for Tax Policy and Administration, Working Party 6, will hold a meeting, attended by USCIB and other business representatives, to consider issues relating to the definition of intangibles in November. The appropriate treatment of income from intangible property is critical to global companies, making this project perhaps the most important on our tax agenda at the moment.
Carol Doran Klein, USCIB’s vice president for tax policy, attended the September 19 meeting of the Transfer Pricing Subgroup of the OECD Task Force on Tax and Development. The meeting focused on implementation strategies for capacity-building for developing countries, in particular what kind of assistance is necessary and how that assistance can best be provided. Helping developing countries effectively implement the arm’s-length standard is important if business is going to discourage countries from moving to formulary apportionment. Business representatives volunteered to assemble a database of experts willing to provide assistance, along with their areas of expertise and special skills (including language capabilities).