Summary
WASHINGTON, Nov. 10, 2011 /PRNewswire-USNewswire/ -- Financial Executives International (FEI), the association of choice for CFOs and other senior-level finance executives, today praised the passage of H.R. 674, legislation to repeal the 3 percent withholding mandate that was set to become effective in 2013. Since 2007, FEI's national advocacy committees, including the Committee on Government Business (CGB) and the Committee on Taxation (COT) have worked to repeal this mandate.
"After years of fighting against the federal mandate to require that 3 percent of payments be withheld to businesses doing work with the government, FEI is pleased that the lawmakers have listened to the concerns of business leaders and repealed this onerous requirement," said Marie Hollein, president and CEO of FEI. "The withholding requirement would have created further complexity and cost, with particular disadvantage to smaller companies, for businesses striving to achieve more certainty in a continually unpredictable environment."See the full content of this document
Extract
Fei Applauds Passage of 3 Percent Withholding Repeal
The 3 percent withholding requirement was originally signed into law in 2006 as part of the "Tax Increase Pre...
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