Treasury Applauds OECD Draft Treaty But Sees More Work Ahead

A draft treaty that would implement a key part of the OECD’s global tax agreement represents “significant progress,” but work remains to be done, a Treasury Department official said Monday.

There are open issues in the draft of the multilateral convention on the agreement’s “Amount A” process that have to be resolved, and Congress will have to approve the treaty, Lily Batchelder, assistant Treasury secretary for tax policy, said at a conference of the U.S. Council for International Business in Washington.

“We want and need the mechanics of this to work,” Batchelder said.

Treasury opened a consultation ...