US Republican congressmen, in a June 2 statement, said they were concerned that some countries see the OECD base erosion and profit shifting (BEPS) project as a means to “raid the American Treasury.”
US House Ways and Means Committee Chairman Dave Camp (R-MI) and Sen. Orrin Hatch (R-UT), the top Republican on the Senate Finance Committee, said they ” are concerned that the BEPS project is now being used as a way for other countries to simply increase taxes on American taxpayers. When foreign governments – either unilaterally or under the guise of a multilateral framework – abandon long-standing principles that determine taxing jurisdiction in a quest for more revenue, Americans are threatened with an un-level playing field. Such actions put pressure on the U.S. government to respond by asserting taxing authority over foreign activity generating U.S.-source income on similar grounds,” the congressmen said. See, Release
