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US concerns over EU state aid investigations and inversions

The US House Ways and Means Subcommittee on Tax Policy alongside the Senate Finance Committee held hearings on 1 December on international tax covering: the implications for US tax policy and US-based companies of the outcome of the OECD’s BEPS work EC state aid investigations and ways to successfully deter the growing trend of tax inversions. Robert Stack US Treasury deputy assistant secretary for international tax affairs told the hearings that imposing tax retroactively in EU state aid cases would be unfair and that the US Treasury had not yet decided whether taxes recovered by EU member states from multinationals as a result of the investigations would be considered as foreign tax credits for US tax purposes.

Stack said he believed the target of the EC’s efforts is unrepatriated foreign earnings held overseas by US companies and indicated that the US has expressed its...

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