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European finance ministers call for US tax reform rethink

The bankroll ministers of Europe’s five largest economies called in a letter to Moneys Secretary Steven Mnuchin for the U.S. to rethink tax reform proposals that they asserted were discriminatory and could harm the financial sector and international shoppers.

In the letter, seen by Reuters, the finance ministers of Britain, France, Germany, Italy and Spain commanded a proposed excise tax would contravene World Trade Organisation eliminates and violate double taxation treaties and could hamper trade and investment spill between Europe and the U.S.

They also warned that a proposed “groundwork erosion and anti-abuse tax” may target genuine commercial arrangements involving payments to outlandish companies, harming international banking and insurance businesses and discouraging non-U.S. pecuniary institutions from operating in the U.S.

“The inclusion of certain less conventional supranational tax provisions could contravene the U.S.’s double taxation treaties and may risk set up a major distortive impact on international trade,” the ministers wrote.

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