The OECD on September 15 released 27 comment letters responding to a discussion draft designed to assist countries that seek to prevent multinational banks and insurance companies from avoiding tax through excessive interest deductions.
The draft, released July 28, follows up on tax rules limiting interest deductions for multinationals under the OECD/G20 base erosion profit shifting (BEPS) report under Action 4, agreed to last October.
The following organizations commented on the draft:
Asia Securities Industry & Financial Markets Association, Association Française de la Gestion Financière, Association of British Insurers, Associazione Bancaria Italiana, Australian Bankers Association, Banking and Finance Company Working Group on BEPS, British Bankers Association/Association for Financial Markets in Europe, Business and Industry Advisory Committee to the OECD, Canadian Bankers, Association, Canadian Life and Health Insurance Association Inc., Confederation of British Industry, Dutch Banking Association, Fédération Bancaire Française, Fédération Belge du Secteur Financier, FTI Consulting Global Federation of Insurance Associations, Grant Thornton Insurance Company Working Group on BEPS, Insurance Europe, Japan Foreign Trade Council, Inc., KPMG LLP, KPMG Romania SRL, PricewaterhouseCoopers International Limited, Swiss Bankers, Association, Swiss Insurance Association, United States Council for International Business, Zurich Insurance Group.
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