Structure of the Office of Tax Policy

 

Michael Mundaca

Michael Mundaca

Ernst & Young’s co-leader of the National Tax Department and Americas Tax Center, Michael Mundaca, served at the U.S. Treasury Department under the administration of Bill Clinton, George W. Bush, and Barack Obama. During his most recent period with the Treasury Department, Michael Mundaca was the Assistant Secretary of the Treasury for Tax Policy.

The Treasury Department’s Office of Tax Policy establishes tax policy for the administration, working closely with the Internal Revenue Service to publish tax regulations and other guidance, and working closely with Congress on tax legislative proposals. The office also represents the Unites States in international forums, such as the Organisation for Economic Cooperation and Development, on tax policy matters, and negotiates tax treaties on behalf of the United States. The office also produces estimates of the effects of tax policies as well as of government receipts generally. The work of the office also includes issues regarding pension reform and some trade and customs matters.

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OECD History and Growth

 

OECD pic

OECD
Image: OECD.org

Former U.S. Assistant Treasury Secretary for Tax Policy and current co-leader of the national tax department of Ernst & Young, Michael Mundaca has been involved in tax policy for almost 25 years. Michael Mundaca has represented the interests of the United States in international economic forums, including the Organization for Economic Cooperation and Development (OECD).

The OECD has existed for more than 50 years, with its immediate predecessor organization extending back even further. The Organization for European Economic Cooperation (OEEC) began in 1948 to operate the Marshall Plan, which sought to reconstruct Europe after the wars which had ravaged it in the first half of the century. After great success, the United States and Canada also signed onto the convention alongside OEEC members, forming the OECD in 1961.

Countries across the world, including Japan, have joined the OECD since that time, and most OECD member nations have seen their gross domestic product per capita rise dramatically since joining. National wealth for multiple OECD participants has more than tripled since the organization’s inception.

Argentinian Tax Reform Bill Takes Effect

 

Michael Mundaca

Michael Mundaca

Michael Mundaca has extensive experience in taxation law that includes a stint as the top tax policy official at the U.S. Treasury Department. As co-director of the EY’s Americas Tax Center, Michael Mundaca maintains a strong focus on Latin American tax developments.

Argentina enacted comprehensive tax reform (Law No. 27,430 (the Law)) on 29 December 2017, through publication in the Official Gazette. The Law is generally effective 1 January 2018. The far-reaching Law introduces amendments to corporate income tax, personal income tax, value added tax (VAT), tax procedural law, criminal tax law, social security contributions, excise tax, tax on fuels, and tax on the transfer of real estate. It also establishes a special regime comprising an optional revaluation of assets for income tax purposes. Companies doing business in Argentina, as well as others with interests in and income from Argentina must consider the consequences of the changes and evaluate the effect on their current Argentine investments.

Americas Tax Center – Serving Clients across Borders

Americas Tax Center  pic

Americas Tax Center
Image: ey.com

Having served in three U.S. administrations as a Treasury Department official, Michael Mundaca received the agency’s Alexander Hamilton Award upon completing his most recent tenure, as assistant treasury secretary for tax policy. Since 2011, Michael Mundaca has been a principal at Ernst & Young, (EY) LLP, serving as co-director of both the EY National Tax Department and the EY Americas Tax Center. The EY Americas Tax Center (ATC) is a platform that links the tax practices in EY’s 33 member firms across the Americas, providing cross-border technical capability and an enhanced level of service to clients with operations throughout the Americas and the world.

The ATC serves the ever-changing needs of businesses facing tax planning and administrative challenges. One of the group’s primary focuses is tax policy, enabling it to help clients remain abreast of upcoming tax trends and planned changes to current tax law. The ATC can also help its clients implement more effective risk management strategies. Other ATC services include tax controversy, global compliance and reporting, tax effective supply chain management, and customs and value added tax consulting.