OECD Corp. Tax Proposals Relevant to U.S. States, Panelists Say
The Organization for Economic Cooperation and Development's proposal to revamp international corporate tax rules illustrates how international and state taxation are increasingly intertwined, and state tax professionals should be paying close attention to the project, panelists said Friday.
Changes in international taxation proposed by the OECD are similar to laws U.S. states passed after the U.S. Supreme Court struck down the physical presence requirement for sales and use tax. (Getty)The first part of the OECD's two-part proposal, called pillar one, seems particularly aligned with state tax principles already in place and contains elements that states could be poised to adopt in the future, noted speakers at a conference hosted by the Federal Bar Association in Washington, D.C.
"The international world is now following the state and local world - really something to keep your eyes on," said Craig Fields of Blank Rome LLP.
"OECD Corp. Tax Proposals Relevant to U.S. States, Panelists Say," by Maria Koklanaris was published in Law360 Tax Authority on March 6, 2020.