Lew: Treasury to implement international tax recommendations

Treasury Secretary Jack LewJacob (Jack) Joseph LewHogan urges Mnuchin to reconsider delay of Harriet Tubman bill Mnuchin says new Harriet Tubman bill delayed until 2028 Overnight Finance: US reaches deal with ZTE | Lawmakers look to block it | Trump blasts Macron, Trudeau ahead of G-7 | Mexico files WTO complaint 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 HatchTrump holds more Medal of Freedom ceremonies than predecessors but awards fewer medals Trump to award Medal of Freedom to former Attorney General Edwin Meese Trump to award racing legend Roger Penske with Presidential Medal of Freedom MORE (R-Utah) and House Ways and Means Committee Chairman Paul RyanPaul Davis RyanAmash: Trump incorrect in claiming Congress didn't subpoena Obama officials Democrats hit Scalia over LGBTQ rights Three-way clash set to dominate Democratic debate MORE (R-Wis.) have questioned whether the Treasury Department has the authority to implement some of those rules.