Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The Business Roundtable said in its letter to Secretary Jacob Lew (pictured) that the existing system has effectively avoided double taxation of companies/XINHUA-File

Top Story

US business chiefs fight global taxation changes

The Business Roundtable said in its letter to Secretary Jacob Lew (pictured) that the existing system has effectively avoided double taxation of companies/XINHUA-File

The Business Roundtable said in its letter to Secretary Jacob Lew (pictured) that the existing system has effectively avoided double taxation of companies/XINHUA-File

WASHINGTON, Jun 4 – Major US companies are pushing back against an effort to reform the global taxation system to prevent multinational businesses from exploiting differing national tax rules and loopholes.

The influential Business Roundtable, a gathering of top US chief executives, said in a letter to US Treasury Secretary Jacob Lew that the project to close gaps in taxation of cross-border income threatens their businesses and US workers.

The project by the Organization for Economic Cooperation and Development could result in “new, unprecedented taxes on trade and investment that will freeze business investment and slow economic growth,” they said.

The Roundtable spoke out as the OECD pushes forward with its program to help ensure companies don’t hide taxable income in more favourable jurisdictions, or via accounting tricks.

The project has gained support of governments and social groups angered over tax avoidance.

The Business Roundtable said in its letter to Secretary Jacob Lew that the existing system has effectively avoided double taxation of companies, making cross-border investment and trade easier.

Many of their members fear, they said, that the BEPS project is now “being used by some governments for the purpose of imposing extraterritorial taxes on US business income.”

“Increased taxation of US business investment by foreign governments and the inevitable increase in protracted cross-border tax disputes will slow the US economy and hurt American workers.”

Pages: 1 2

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...