04/12/2021 | Press release | Distributed by Public on 04/12/2021 18:44

Crapo Statement on Treasury OECD Proposal

Crapo Statement on Treasury OECD Proposal

WASHINGTON, D.C. - U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the following statement regarding the Treasury Department's new proposal for the ongoing OECD negotiations on global taxation:

'The best approach for resolving tax issues surrounding the digitalization of the global economy is through a multilateral agreement at the OECD. I will not support an OECD agreement that discriminates against U.S. businesses, or adversely affects American jobs and investment. Treasury's new proposed Pillar One approach will need to be evaluated based on its potential effects on U.S. businesses and the United States' fiscal security.

'As Treasury's proposal is considered by the OECD and members of the Inclusive Framework, I remain concerned about the continuation of discriminatory digital services taxes (DSTs), which runs counter to the apparent progress being made at the OECD. In light of Treasury's efforts to advance the OECD negotiations, countries with DSTs should cease imposing them, and those considering DSTs, including the European Union, should drop their proposals. Such moves by other countries would represent a tangible sign that they are serious about reaching an agreement, particularly as the Biden Administration proposes significant changes to U.S. law based on the likelihood of a comprehensive OECD agreement and implementing actions by the countries involved.'

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