Business Welcomes Joint Action on FATCA

BIAC, the Business and Industry Advisory Committee to the OECD, part of USCIB’s global network, welcomed yesterday’s joint statement by the United States, France, Germany, Italy, Spain and the United Kingdom to develop an intergovernmental approach to the implementation of the U.S. Foreign Account Tax Compliance Act (FATCA).

Chris Lenon, chair of the BIAC Committee on Taxation and Fiscal Affairs, commented on the multilateral approach taken by the signatory countries towards improving international tax compliance.

“We believe that by working together, rather than unilaterally, governments can achieve the goal of addressing international tax compliance but in a way that minimizes compliance burdens for business and reduces the risk of a proliferation of multiple and different reporting requirements emerging around the world,” Mr. Lenon stated. “In particular, we welcome the commitment to develop common reporting standards and BIAC will work closely with governments and the OECD on these issues.”

USCIB Comments on OECD Tax Treaty

USCIB has provided comments on the draft revised OECD Model Tax Convention, specifically the chapter on permanent establishment.  To read the comments, please click here.  USCIB works directly with the OECD secretariat on tax policy and a range of other issues by virtue of our affiliation with the Business and Industry Advisory Committee to the OECD.

Staff contact: Carol Doran Klein

More on USCIB’s Taxation Committee

Staff Contact:   Rick Minor

VP and International Tax Counsel
Tel: 202.682.7376

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