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

No matter how bold or ambitious your plans are to grow your business, success fundamentally relies on three critical, interdependent components: operational excellence, customer relations/communications, and financial management. This blog post explores these cornerstones, offering strategies to enhance these elements for sustained business growth.

Operational Excellence

Operational excellence refers to the execution of your business strategy more consistently and reliably than the competition. Achieving operational excellence requires an unrelenting focus on efficiency, productivity, and process optimization. Leverage technology to automate routine tasks, empower your team with clear goals and objectives, and continually evaluate your processes for improvement. Remember, operational excellence isn’t a destination—it’s an ongoing journey of continuous improvement.

Consult with our experts to drive operational excellence in your business.

Customer Relations/Communications

Customer relations and communications can make or break your business. Your customers should always be at the heart of your business decisions. Focus on building relationships, not just transactions. Listen to your customers, anticipate their needs, and strive to exceed their expectations. Embrace transparency in your communications, and foster trust with consistency and reliability.

Discover our suite of tools to enhance customer relations and communications.

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In my opinion, the tax leaders around the world have the toughest job around the globe as tax rates shift and rise to collect more tax revenue to make up for government shortfalls. Corporate tax leaders do an amazing job tracking the ever changing rules and regulations with the likes of extraordinary tax law research software(i.e. Orbitax). I recently spoke with a leading tax expert who wrote an entire book for Thomson Reuters using Orbitax. However, this article is about the corporate tax rates as seen at the expert researchers at The Tax Foundation around the Corporate Tax Rates 2022.

According to The Tax Foundation, “Six countries increased their top corporate rates: Colombia (31 percent to 35 percent), South Sudan (25 percent to 30 percent), Netherlands[4] (25 percent to 25.8 percent), Turkey (20 percent to 23 percent), Chile (10 percent to 27 percent), and Montenegro (9 percent to 15 percent).” and “Ten countries across four continents—Seychelles, Sierra Leone, Zambia, Bangladesh, Myanmar, Tajikistan, France, Greece, Monaco, and French Polynesia—reduced their corporate tax rates in 2022. The tax rate reductions ranged from just 1.5 percentage points in Monaco to a 5 percentage point reduction in Seychelles, Sierra Leone, Zambia, and Tajikistan.

If you want to be up-to-date, you can also gather your research from Orbitax who we know is continuously working on updates on corporate tax updates around the world. We conducted a five month exhaustive tax executive search for a top tax technology and tax law expert this past year and know they hire the very best people in the tax profession. Orbitax tax research software is becoming the go to tax research software in the corporate market. View the charts at The Tax Foundation for an overall look at the Corporate Tax Rates for 2022. Unfortunately, we expect the rates to rise this year for individuals and businesses due to global war funding. As CEO of www.taxconnections.com,  we pray level-headed leaders work towards world peace.

For the record, this is not  a paid advertisement. This information was learned through five months research on tax and technology.) If you would like us to conduct research for you on tax and technology experts call 858.999.0053 X100 or email kat@taxconnections.com.

Listen To Bob Marley – Redemption Song

As the CEO of www.taxconnections.com, we do not promote war of any kind and pray for peace for all. Our tax community promotes peace. Bob Marley is a legend I was fortunate to grow up listening to his music during my baby boomer generation. God Bless that Angel in the sky…Bob Marley. TaxConnections stands for bringing people together to support each other and respected all people and religions. He had a belief in something bigger than himself. He understood that God lives within us.

Listen To Bob Marley Sing The Redemption Song: https://www.youtube.com/watch?v=9ZpxaeICYyg 

Listen To Bob Marley Sing Get Up, Stand Up: https://www.youtube.com/watch?v=RhJ0q7X3DLM

Listen To Bob Marley Sing War/No More Trouble: https://www.youtube.com/watch?v=vPZydAotVOY

Interpretation Of Get Up, Stand Up From uDiscoverMusic site:

“Get Up, Stand Up” was apparently written in response to a visit to Haiti, when Bob saw the poverty of the island’s people. It is not easy to find concrete evidence about the details of Bob’s trip there, and he was no stranger to poverty, having grown up in the Trenchtown ghetto of Kingston, Jamaica, so chances are Bob might have been moved to write the song anyway.

Whatever inspired it, Bob’s message is clear. For the first two verses, he tells the people not to wait until the next life to find fulfillment; it’s their right to be free and happy on this planet. The lines denying that God will come down from the sky to sort out the world’s problems may seem strange coming from a singer who was deeply religious, but it’s perfectly in keeping with Bob’s Rasta faith: Bob’s God was not above the clouds, but living with the rest of us as Emperor Haile Selassie of Ethiopia.”

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