Washington, D.C.–Following the release of the Organization for Economic Cooperation and Development’s (OECD) Pillar One multilateral convention text and accompany documents, as well as an announcement from the U.S. Department of Treasury seeking public input on those documents, U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the statement below:

Over two years ago, I wrote Secretary Yellen warning that any OECD Pillar One agreement “must not discriminate against, or disproportionately affect, American businesses.”  While I oppose discriminatory digital services taxes (DSTs) targeting US companies, I also want to ensure that the OECD cure is not worse than the DST disease for U.S. businesses and workers.  Unfortunately—despite repeated requests—Treasury has been unwilling to provide information to determine Pillar One’s impact on U.S. companies and revenue.  I urge Treasury to immediately provide that information to Congress.  I also look forward to receiving feedback from our impacted companies on this 800+ page proposal.  Embracing such sweeping and complex changes to global taxing rights which may have an overwhelmingly disproportionate impact on our companies before that information and feedback is available would be irresponsible.

Read more:

• Crapo, Smith: Latest OECD Guidance Acknowledges Biden’s Global Tax Surrender is Unworkable and Unlawful
• JCT: U.S. Stands to Lose Revenue Under OECD Tax Deal
• Crapo Statement on Ways and Means Republicans’ Defending American Jobs and Investment Act
• Bloomberg Tax Insights: Crapo: Global Tax Deal Ropes US Into Subsidy Free-for-All
• Crapo Raises Questions on Treasury OECD Strategy