BEAT Grew Out Of Frustration, Treasury Official Says

Law360 (February 16, 2018, 8:10 PM EST) -- The creation of the base erosion and anti-abuse measure in the new U.S. tax law stemmed in part from frustration over the Organization for Economic Cooperation and Development’s “circumscribed” efforts against international tax avoidance, a U.S. Treasury official said Thursday.

L.G. “Chip” Harter, deputy assistant secretary for international tax affairs at the Treasury Department, discussed what he referred to as the “fairly circumscribed” process of the OECD’s project against base erosion and profit shifting, or BEPS, which was the culmination of the organization’s efforts to tamp down tax avoidance by multinational businesses. He spoke during a panel discussion at a Tax...

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