Stack says US will withdraw CbC information if made public
International Tax Review is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Stack says US will withdraw CbC information if made public

The US will not share country-by-country report (CbCR) information with foreign authorities who choose to make the reports public, said deputy assistant secretary at the US Treasury Robert Stack.

Joelle Jefferis

Stack was speaking at the Irish Tax Institute and the Ash Center at Harvard Kennedy School’s Global Tax conference in Dublin.

Last week Stack said that he “fully expects” the US to have finalised its CbCR provisions by July this year. At the conference he reiterated his country’s commitment to implementing CbCR, but warned the US wouldn’t exchange information if a country intends to make it public.

“In the US there will be no stepping back from CbCR,” said Stack, but continued with a warning: “If a country were to make that information public, the US would have the right in our agreements to stop sending that information.”

Stack had earlier in the day spoken on another panel with Valere Moutarlier, director of the Directorate General for Taxation and Customs at the European Commission (EC). Moutarlier had mentioned that the EC are reviewing whether to publish CbC reports, with the proposal on this due to be released in April.

“We resisted heavy pressure from many quarters to rush on this proposal and we’ve taken our time to find the right balance between a high degree of public transparency and protecting the competitive interest of companies,” said Moutarlier.

Tensions surrounding taxation have been growing in recent months between the US and the EU, particularly with the EC’s state aid investigations. Stack has publically condemned the state aid investigations as unfairly targeting US multinationals, but also highlighted at the conference that tensions were created by the view that a major driver of the BEPS project is to attack US multinationals.

So long as the EC doesn’t aim to publish the information, Stack remains hopeful that CbCR will be an effective tool and of use to the US and the EU.

“Companies appreciate that CbCR is a win for the long term. There will be an uneven period while we get on the track but I do expect the whole world to get on track,” said Stack. 

more across site & bottom lb ros

More from across our site

Despite the relief, Brazil’s government has also presented a bill which seeks to re-impose a tax burden on companies’ payroll, one local tax specialist told ITR
Jeremy Brown arrives at the firm after a near 16-year career with Deloitte
PwC could elect a woman into the senior leadership position for the first time; in other news, KPMG Australia has extended its CEO’s term
The Senate report into PwC’s scandal is titled ‘The cover up worsens the crime’
Law firms that are conscious of their role in society are more likely to win work, according to a survey of over 23,000 in-house professionals
The firm’s tax business generated a quarter of HLB’s overall revenues in 2023
While successful pillar two implementation will require collaboration across all units, a combination of internal and external tax advice is at the centre of the effort
Binance has also been accused of manipulating foreign exchange rates via currency speculation and rate-fixing
Six individuals should have raised questions over information they received but did not breach professional standards, according to the firm
The partnership of KPMG UK has installed Holt for a second term as CEO and senior partner; in other news, a Baker McKenzie partner has sued the IRS
Gift this article