Political Quotes

“I rise today to express serious concern about an ongoing project at the Organization for Economic Co-operation and Development, or OECD. It is called the Base Erosion and Profit Shifting--or BEPS--Project. BEPS is a program that is intended to address perceived flaws in international tax rules that have allowed multinational corporations to shift profits--but not necessarily corresponding economic activity--from high-tax to low-tax jurisdictions. These strategies, in some cases, had a negative impact on the tax basis of OECD countries, creating a need for solutions. Unfortunately, it appears that the project has moved well beyond its original mandate, and many U.S. companies are rightly concerned that they may be facing significant negative consequences. This should concern all of us in government as well. Let's talk for a minute about how we got to where we are today. In 2012, the G20 tasked the OECD with developing a comprehensive and coordinated approach to addressing certain aggressive tax-planning strategies. As we all know, the G20 is an international forum for governments and central bank officials from 20 major economies around the world which meets periodically behind closed doors to discuss financial matters and, even though it has no formal charter, arrive at agreements. The G20's direction resulted, at least in part, because of the BEPS project.…”