Biz Groups Urge Senate To Ratify Foreign Tax Accords

By Jonathan Randles (February 27, 2014, 6:21 PM EST) -- Business groups on Wednesday urged Senate leaders to ratify updated tax sharing agreements with Switzerland and Luxembourg and proposed income tax treaties with Hungary and Chile, saying it will help spur U.S. foreign investment.

The cross-border agreements are intended to eliminate double taxation and, in the case of Switzerland and Luxembourg, give U.S. regulators greater access to foreign government data that could help nab tax dodgers.

Speaking at a U.S. Senate Committee on Foreign Relations hearing, representatives of the National Foreign Trade Council and the Organization for International Investment said that ratifying the agreements would put into place a predictable regulatory...

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