July 23, 2016 / 4:16 AM / a year ago

Frequent changes to tax regimes cause uncertainty: Treasury's Lew

CHENGDU, China (Reuters) - Frequent changes to tax regimes create uncertainty, U.S. Treasury Secretary Jack Lew said on Saturday at a G20 meeting of finance ministers and central bankers aimed at promoting economic growth.

United States Secretary of the Treasury Jacob Lew attends a panel for the High-level Tax Symposium held in Chengdu in Southwestern China's Sichuan province, Saturday, July 23, 2016. REUTERS/Ng Han Guan

“Countries create uncertainty when you change your tax laws on a regular basis, or when you enact laws that are unclear both to the taxpayer and the tax authorities,” Lew said, without identifying any particular country.

“One of the issues that’s been identified already is retroactivity. Tax rules and regulations should be prospective and should make it so companies know what rules they’re complying with as they do business in a country.”

Reporting by David Lawder; Writing by John Ruwitch; Editing by Jacqueline Wong

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