US Senate Finance Committee Chairman Orrin Hatch (R-Utah) in a July 16 letter requested that the US Government Accountability Office (GAO) conduct an analysis of the impact of the OECD/G20 base erosion profit shifting project (BEPS) on American interests and requested that the GAO work with his staff to determine the scope of the study.
Hatch says he is concerned that the output of the BEPS project, particularly work on country-by-country reporting, will harm US interests, imposing burdens on both the IRS and business, and requiring the revelation of confidential business information to foreign tax authorities in exchange for only a “speculative” benefit.
In a speech on the Senate floor that day, Hatch said that US administration officials should not make any commitments with respect to the BEPS project that could impact US tax policy without adequate consultation and explicit agreement from Congress.
“Congress is the steward of American taxpayer resources. Those resources are not bargaining chips for international agreements that may or may not advance our nation’s interests,” said Hatch.
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