Lew: Treasury to implement international tax recommendations

Treasury Secretary Jack LewJacob (Jack) Joseph LewSenator demands answers from DOJ on Russia bribery probe Koskinen's role in the ObamaCare bailout another reason Trump must terminate him The debt limit is the nation's appendix — get rid of it MORE said Friday that the Obama administration would implement new rules that would lead to sharing business's information with foreign governments.

Lew praised the final recommendations from an Organization for Economic Cooperation and Development project meant to battle offshore tax avoidance, saying there was a "critical need to fix our tax rules to address erosion of our corporate tax base."

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The OECD unveiled its final Base Erosion and Profit Shifting (BEPS) recommendations this week.

Speaking at a Group of 20 meeting in Peru, Lew added that "we are already engaged in the process of BEPS implementation, including country by country reporting by large multinational firms, and will continue to work to advance this important agenda."

The business community has expressed some concern about the BEPS recommendations, which would force companies to give information about their operations to tax administrations in both their home country and elsewhere.

Senate Finance Committee Chairman Orrin HatchOrrin Grant HatchMcConnell names Senate GOP tax conferees Ryan pledges 'entitlement reform' in 2018 Utah governor calls Bannon a 'bigot' after attacks on Romney MORE (R-Utah) and House Ways and Means Committee Chairman Paul RyanPaul Davis RyanMcConnell names Senate GOP tax conferees House Republican: 'I worry about both sides' of the aisle on DACA Overnight Health Care: 3.6M signed up for ObamaCare in first month | Ryan pledges 'entitlement reform' next year | Dems push for more money to fight opioids MORE (R-Wis.) have questioned whether the Treasury Department has the authority to implement some of those rules.