Washington DC – The National Foreign Trade Council (NFTC) released the following statement on the release of the National Action Plan on Preventing the Misuse of Companies and Legal Arrangements during today’s G-8 meeting.
“The National Action Plan on Preventing the Misuse of Companies and Legal Arrangements agreed to today during the G-8 meeting in Ireland says that the United States is committed to advocating for comprehensive legislation to require the disclosure of beneficial ownership information.
“The NFTC believes that these tax legislative changes cannot happen outside of the context of comprehensive tax reform. Reforming the antiquated U.S. tax code is the only way to enact most of the legislative initiatives included in the National Action Plan.
“NFTC members believe any legislative changes should promote international tax rules that are stable, predictable, nondiscriminatory and administrable. We welcome working with the Administration to enact comprehensive tax reform.”