The new US administration has issued a memorandum voiding any commitments made by the previous administration to the OECD''s global base erosion and profit shifting (BEPS) project that have not been enacted by the US Congress.

Section One of the memorandum, dealing with ''Applicability of the Global Tax Deal'' states: ‘the Secretary of the Treasury and the Permanent Representative of the United States to the OECD shall notify the OECD that any commitments made by the prior administration on behalf of the United States with respect to the Global Tax Deal have no force or effect within the United States absent an act by the Congress adopting the relevant provisions of the Global Tax Deal.''