Brady Statement on Release of Treasury’s Country-by-Country Regulations
WASHINGTON, D.C. – Today, House Ways and Means Chairman Kevin Brady (R-TX) released the following statement in response to regulations released by the U.S. Treasury Department on country-by-country reporting.
“With the highest corporate tax rates in the world, American companies are already at a tremendous disadvantage in the global marketplace. New country-by-country reporting requirements on U.S. companies must be limited and should not make it even harder for our companies to compete. Chairman Boustany and I will closely review this regulation. Congress will not allow Treasury to move forward with BEPS policies that enable foreign governments to misuse information reporting and exploit American companies.”
NOTE: On December 1st, House Ways and Means Tax Policy Subcommittee Chairman Charles Boustany (R-LA) discussed this issue during his hearing on the final recommendations recently issued by the Organisation for Economic Co-operation and Development (OECD) on their Base Erosion and Profit Shifting (BEPS) project.