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Economics Discuss Europe Is Also Cautioning Against the GOP Tax Plan. Both of Them at the Political Forums; Donald Trump Tax Reform: European Allies Caution It May Break Treaties | Fortune On Monday, finance chiefs representing Europe’s five ...

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Old 12-11-2017, 09:00 PM
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Default Europe Is Also Cautioning Against the GOP Tax Plan. Both of Them

Donald Trump Tax Reform: European Allies Caution It May Break Treaties | Fortune



Quote:
On Monday, finance chiefs representing Europe’s five largest economies warned in a letter to Treasury Secretary Steven Mnuchin that the tax plan may hurt international trade and break international treaties on double taxation.
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“It is important that the U.S. government’s rights over domestic tax policy be exercised in a way that adheres with international obligations to which it has signed up,” the letter sent to Treasury Secretary Steven Mnuchin warned and seen by the Wall Street Journal.
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The letter was signed by U.K.’s Philip Hammond, Spain’s Cristóbal Montoro, Germany’s Peter Altmaier, Italy’s Pier Carlo Padoan, and France’s Bruno Le Maire.
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Concerned that U.S. businesses will gain a competitive edge on international markets once the tax proposal is enacted, the five finance heads mentioned certain provisions of both the House and Senate bills. They argued a “base erosion” provision in the Senate bill that aims to prevent corporations from moving profits abroad could also adversely hurt banks by treating cross-border transactions as non-tax deductible. Separately, the ministers also took issue with the House bill’s call for a 20% tax on payments made to a foreign subsidiary—arguing that it could allow taxation of non-U.S. companies.
Quote:
“We appreciate the views of the finance ministers. We are closely working with Congress as they finalize the legislation through the conference process,” a Treasury spokesperson told Fortune in a statement.
Donald Trump Tax Reform: European Allies Caution It May Break Treaties | Fortune

Hello, Trump Administration! Joe Blow might be a great buddie but that doesn't equate to him knowing anything about finances.
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