The Resource Shay urges action on intangibles, excess return proposals amid U.S. Ways & Means hearing on transfer pricing regime

Shay urges action on intangibles, excess return proposals amid U.S. Ways & Means hearing on transfer pricing regime

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Shay urges action on intangibles, excess return proposals amid U.S. Ways & Means hearing on transfer pricing regime
Title
Shay urges action on intangibles, excess return proposals amid U.S. Ways & Means hearing on transfer pricing regime
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Subject
Language
eng
Summary
Deputy Assistant U.S. Treasury Secretary for International Affairs Stephen Shay 22 July 2010 urged the House Ways and Means Committee to act to address what he called substantial shifting of income out of the United States via transfer pricing and stressed the administration's proposals to tighten that regime can move independently of tax reform. Shay's comments came at a hearing devoted to scrutinizing transfer pricing issues, with much of the debate focused on the scope of the problem - whether U.S. jobs and revenues are lost because of multinational's ability to profit shift, and whether proposals to bring income back to the United States might make U.S. companies less competitive globally. Some at the hearing said Congress should lower corporate tax rates to encourage companies to keep their profits here and noted the U.S. corporate tax rate is among the highest in the world. Shay explained the Treasury Department's conclusions on income shifting and said the administration would continue to voice support for the arm's-length principle, including its proposal to broaden the definition of intangibles, as well as to champion a proposal to tax "excessive returns" from intangibles shifted out of the United States
Citation source
In: Tax management transfer pricing report. - Arlington. - Vol. 19 (2010),
http://library.link/vocab/creatorName
  • Bennett, A. (Alison)
  • Moses, M
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • transfer pricing
  • profit shifting
  • intangibles
  • formulary apportionment
  • Subpart F income
  • cost sharing arrangement
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Shay urges action on intangibles, excess return proposals amid U.S. Ways & Means hearing on transfer pricing regime
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Shay urges action on intangibles, excess return proposals amid U.S. Ways & Means hearing on transfer pricing regime
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