The chairmen of Congress’s two main tax committees, House Ways and Means Committee chairman Paul Ryan, R-Wis., and Senate Finance Committee chairman Orrin Hatch, R-Utah, have written to Treasury Secretary Jacob Lew saying he should hold off on developing country-by-country reporting regulations for taxation of multinational corporations.
[IMGCAP(1)]In a
They had sent an
“Rather than expend additional administrative resources on the CbC regulatory project, we encourage Treasury to focus in the near term on preparing and providing the legal memorandum and other documentation requested in our June 9 letter to you,” wrote Hatch and Ryan. “In addition, we ask that Treasury officials consider the results of the GAO analysis of the BEPS project and recommendations before moving forward with any CbC-related guidance.”
[IMGCAP(2)]Last month, Hatch
Hatch also asked the GAO to look into how such policies would affect the U.S. economy.