• US BUSINESS CHIEFS FIGHT GLOBAL TAXATION CHANGES

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    WASHINGTON, D.C.: 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 (OECD) 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 favorable jurisdictions, or via accounting tricks.

    AFP

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