Lew: Treasury to implement international tax recommendations

Treasury Secretary Jack LewJacob (Jack) Joseph LewOvernight Finance: US reaches deal with ZTE | Lawmakers look to block it | Trump blasts Macron, Trudeau ahead of G-7 | Mexico files WTO complaint Obama-era Treasury secretary: Tax law will make bipartisan deficit-reduction talks harder GOP Senate report says Obama officials gave Iran access to US financial system 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 HatchNY's political prosecution of Manafort should scare us all Congress must break its addiction to unjust tax extenders The FDA crackdown on dietary supplements is inadequate MORE (R-Utah) and House Ways and Means Committee Chairman Paul RyanPaul Davis RyanFormer Dem candidate says he faced cultural barriers on the campaign trail because he is working-class Former House candidate and ex-ironworker says there is 'buyer's remorse' for Trump in Midwest Head of top hedge fund association to step down MORE (R-Wis.) have questioned whether the Treasury Department has the authority to implement some of those rules.