Paul L. Caron

Wednesday, February 24, 2016

House Holds Hearing Today On International Tax Reform

House LogoThe House Ways & Means Committee holds a hearing today on The Global Tax Environment in 2016 and Implications for International Tax Reform:

(Click on YouTube button on bottom right to view video directly on YouTube to avoid interruption caused by blog's refresh rate.)

In connection with the hearing, the Joint Committee on Taxation has released Present Law And Recent Global Developments Related To Cross-Border Taxation (JCX-8-16) (Feb. 23, 2016) (100 pages):

Parts I and II of this document ... describe international principles of taxation and provide an overview of present law related to U.S. taxation of cross-border income. Part III examines selected issues that have arisen as policymakers deliberate U.S. international tax reform, including (1) the competitiveness of the U.S. tax system, (2) economic distortions arising from deferral, (3) shifting of income and business operations, (4) locating deductions in the United States, and (5) inversions. Part IV discusses the Base Erosion and Profit Shifting Project undertaken by the Organization for Economic Cooperation and Development at the request of the Group of Twenty (“OECD/G20 BEPS Project”) and the recent European Commission State Aid investigations of certain tax rulings of Member States of the European Union (“EU”). The Appendix includes a press release the European Commission released on October 15, 2015, explaining the findings of its investigation of certain tax rulings issued by Luxembourg to Fiat Finance and Trade and by the Netherlands to Starbucks, as well as a January 16, 2016, European Commission press release explaining its findings in a case involving the Belgian “excess profits” tax regime.

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