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Lawmakers seek information from Treasury on OECD agreement

Senate Finance Committee Republicans are calling on the Treasury Department to analyze the Organization for Economic Co-operation and Development (OECD) recent agreement.

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Ranking member Mike Crapo (R-ID) led an effort where each member of the Finance Committee signed correspondence with Treasury Secretary Janet Yellen requesting information on international tax negotiations.

“We remain focused on ensuring that the agreement reached with the Organization for Economic Co-operation and Development (OECD)/G20 on international taxation enables U.S. businesses and workers to remain competitive globally,” the lawmakers wrote. “As this administration has not provided us with the details necessary to evaluate the agreement, we are renewing our request for this information. US involvement in the OECD negotiations has received broad, bipartisan support in the past, given the primary goal of abolishing discriminatory taxes on digital services (DSTs).

The legislators indicated that there are concerns about the lack of detail underlying the approach proposed under the first pillar and the associated
lack of basis in tax principles.

“Of further concern is Treasury’s continued insistence that the United States once again move to a global minimum tax first — this time by significantly raising the U.S. Minimum Intangible Low Tax Income Tax (GILTI) tax rate in line with the second pillar,” the lawmakers concluded. . “The United States first acted four years ago when it introduced the GILTI minimum tax. Yet the United States remains the only country to impose a global minimum tax on its companies. Since Pillar Two does not require other countries to introduce a global minimum tax, we are not confident that our largest foreign
competitors, such as China, will introduce and implement a global minimum tax under the same conditions or according to the timetable agreed with the OECD.”

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