During the 25th Annual Philadelphia Tax Conference, Caplin & Drysdale's Peter A. Barnes
commented on the objective of the OECD BEPS project. While the project's alleged goal is a uniform set of rules for distributing taxable income to different jurisdictions, Mr. Barnes noted the project may also be used to obtain the profits of successful American companies. For the complete article, please visit Law360's website
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"In the financial sector, the foreign governments feel like the U.S. regulators are beating up on the foreign banks and giving the U.S. banks a ride," Barnes said. "In the tax world here, it feels as if the governments are beating up on the U.S. multinationals to a degree that seems unseemly."