The Finance Ministers of France, Germany, Italy, Spain, and the UK have sent a joint letter to U.S. Treasury Secretary Steven Mnuchin voicing concerns over certain aspects of the House and Senate tax reform plans. In particular, the Finance Ministers have concerns with three measures summarized as follows:
The excise tax (House bill)
This proposal provides for an excise tax of 20% on payments to foreign affiliated companies, unless the related foreign corporation elected to treat the payme…