Daily Tax Update - May 17, 2017: Ways and Means Committee to Hold Hearing on Border Adjustments

Ways and Means Committee to Hold Hearing on Border Adjustments:  House Ways and Means Chairman Kevin Brady (R-TX) announced today that the committee will hold a tax reform hearing on May 23 titled “Increasing US Competitiveness and Preventing American Jobs from Moving Overseas.” The focus of the hearing will be the border adjustment tax proposal and international tax modernization as part of comprehensive tax reform as well as the implications of these policies for increasing jobs, investment, and economic growth.

House Tax Reform Hearing Witnesses Announced:  Today, the House Ways and Means Committee announced the witnesses who will testify in its May 18 hearing,  “How Tax Reform Will Grow Our Economy and Create Jobs.” Witnesses include:

  • John J. Stephens
    Senior Executive Vice President and Chief Financial Officer, AT&T Inc.
  • Zachary J. Mottl
    Chief Alignment Officer, Atlas Tool Works, Inc.
  • David N. Farr
    Chairman and Chief Executive Officer, Emerson Electric Co.
  • Douglas L. Peterson
    President and Chief Executive Officer, S&P Global
  • Steven Rattner
    Chairman, Willett Advisors LLC.

Australian Taxation Office Releases Draft Guidance on Cross-Border Related Party Financing:  The Australian Taxation Office issued draft guidelines addressing cross-border related party financing arrangements. The guidance details the features and attributes the office will use to place taxpayers into risk categories, ranging from a low-risk to very high-risk, as well as the consequences of such placement. The office requests comments on the draft guidelines by June 30.

Secretary Mnuchin to Testify on Treasury’s FY 2018 Budget Proposals:  Treasury Secretary Steven Mnuchin will testify at the House Ways and Means Committee’s May 24 full committee hearing on President Trump’s fiscal year 2018 budget proposals for the Department of Treasury, Committee Chairman Kevin Brady (R-TX) announced today.