Business Engages Top International Tax Officials at OECD Conference in Washington

WASHINGTON, DC--(Marketwire - June 5, 2007) - Nearly 300 U.S. and international executives, government officials and other tax experts convened at the Ronald Reagan Building and International Trade Center in Washington, D.C., for a major two-day conference, concluding today, which highlighted the work of the Organization for Economic Cooperation and Development (OECD) in the development of national tax policy and international tax arrangements governing cross-border trade and investment.

Organized by the OECD, the United States Council for International Business (USCIB), and the Business and Industry Advisory Committee (BIAC) to the OECD, the conference, titled "New OECD International Tax Initiatives: Looking Ahead," sought to provide American business with the opportunity to interact directly with key representatives from the OECD and its Center for Tax Policy and Administration. Also on the program were senior representatives of the U.S. Treasury/Internal Revenue Service and private industry.

The 30-nation OECD seeks to promote growth through coordination of economic and regulatory policies between its members, all of which are democratic market economies. BIAC, composed of major business federations from all OECD countries, provides policy guidance to OECD members. USCIB is BIAC's representative in the United States and regularly fields American industry experts for BIAC and OECD activities.

In a keynote address today, Eric Solomon, the Treasury Department's assistant secretary for tax policy, presented an overview of the U.S. tax system and its effects on American competitiveness. He noted that, since the last major overhaul of the U.S. tax code in 1986, other developed countries had lowered corporate tax rates to spur investment and boost employment.

"As the global economy continues to expand and markets become more open to investment, developed economies such as those within the OECD continue to adapt their corporate tax systems to compete in the global marketplace," Mr. Solomon stated. "However, since 1993, the federal statutory corporate tax rate has remained 35 percent."

Also speaking at the conference were Thelma Askey, deputy secretary general of the OECD; Constance A. Morella, U.S. ambassador to the OECD; Jeffrey Owens, head of the OECD's Center for Tax Policy & Administration; Patrick J. Ellingsworth, executive vice president, Royal Dutch Shell and chairman of BIAC's Taxation Committee; Peter M. Robinson, president of USCIB; and numerous tax experts from the OECD secretariat, U.S. government and major multinational companies.

The event drew representatives from more than a hundred top companies, testifying to the broad importance of the OECD's work and its influence on international taxation policies. The full conference agenda is available at www.uscibtax.org.

USCIB promotes an open system of global commerce in which business can flourish and contribute to economic growth, human welfare and protection of the environment. Its membership includes more than 300 leading U.S. companies, professional services firms and associations whose combined annual revenues exceed $3.5 trillion. As the exclusive American affiliate of three key global business groups -- the International Chamber of Commerce, the International Organization of Employers, and the Business and Industry Advisory Committee to the OECD -- USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade. More information is available at www.uscib.org.

Contact Information: CONTACT: Jonathan Huneke VP communications USCIB +1 212.703.5043 (office) +1 917.420.0039 (mobile)