Issues a memorandum rejecting U.S. commitments related to the OECD Global Tax Deal unless enacted by Congress. It directs the Treasury and USTR to identify extraterritorial taxes and tax practices disproportionately impacting American companies, and recommend responsive measures within 60 days, prioritizing U.S. economic competitiveness.
The Order contains a statement requiring the Secretary of the Treasury to notify the OECD that any commitments made by the prior Administration with respect to the OECD’s “Global Tax Deal” (which we understand refers to the proposed international tax reform referred to elsewhere as “ Pillars I and II” or “BEPS 2.0”) have no force or effect absent Congressional action. The Order further instructs U.S. Treasury to investigate whether any foreign countries are not compliant with the obligations they may have under a U.S. tax treaty currently in effect or otherwise have or may put tax rules in place that are extra-territorial or disproportionately affect American companies. U.S. Treasury is instructed, further, to develop and present to the President within 60 days a list of options for protective measures and actions in response to such non-compliance or tax rules.