December 4, 2019 / 9:09 PM / 3 days ago

U.S. proposal on international tax reform threatens deadlines: OECD

FILE PHOTO: The Organisation for Economic Co-operation and Development (OECD) Secretary General Angel Gurria arrives in Biarritz, France August 25, 2019. Ludovic Marin/Pool via REUTERS

PARIS (Reuters) - The United States latest proposal on reform of international tax rules could set back efforts to meet previously agreed tight deadlines, the Organization for Economic Cooperation and Development said on Wednesday.

U.S. Treasury Secretary Steven Mnuchin sent a letter to OECD head Angel Gurria on Tuesday voicing “serious concerns” about the organization’s reform proposals and suggested they could be addressed by creating a safe-harbor regime.

In response to the letter, Gurria said in a letter that was the first time such an idea had been floated despite lengthy consultations, in which Washington already actively contributed.

“We raise this concern, as it may impact the ability of the 135 countries that are now participating in this process, to move forward within the tight deadlines we established collectively,” Gurria said.

He ended the letter by inviting Mnuchin to Paris for talks “ideally before Christmas” which would include French Finance Minister Bruno Le Maire.

Washington threaten tariffs on a range of French goods this week over Paris tax on digital services, which the United States says unfairly targets U.S. companies.

Reporting by Leigh Thomas, Editing by William Maclean

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