Brussels, 01/07/2002 (Agence Europe) - Fiscal reform proposed by an influential member of the US Congress has not provoked any official reaction. On Monday in Brussels new legislation free from any subsidy mechanism for exports is still expected before elections next November. "There is no draft law", the Commission spokesperson happily pointed out in reaction to the proposal put forward over the weekend by Bill Thomas, President of the Ways and Means Committee of the Chamber of Representatives. According to Mr Thomas, who will be participating in the tria-logue beginning this winter with Messrs. Lamy and Zoellick, US subsidiaries of foreign companies, such as Daimler Benz will not benefit from any particular tax advantages. "We don't want them to penetrate further into this country by having advantages not enjoyed by US firms…the objective is not to dissuade investments in the US but to create a system that does not punish companies under US control", he explained. Th is reform will thus allow dangerous Trans-Atlantic showdowns on tax breaks for exports to be avoided (the so-called FSC affair) while preserving competitiveness of "Made in America" in relation to foreign competition and put a brake on the transfer of assets to fiscal paradises to obtain significant deductions. If this preliminary draft goes through the committee in charge of fiscal reform at the end of the month, then the Chamber of Representatives at the Senate, before being counter-signed by the President of the USA, US companies would have to pay the US inland revenue USD 25-50 billion over the next ten years.