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June 26, 2020

EY publication highlights accounting implications of 2020 Q2 tax developments

NOTE: The Quarterly tax developments publication was appended June 30, 2020, to add clarification that the 17% rate stated is the current effective rate for US GAAP purposes, while the 19% rate reversion to April 1, 2020, is pending Royal Assent for enactment. See page 5 of the attachment for details.

The Quarterly tax developments for the quarter ended June 30 is attached below. Prepared by Ernst & Young LLP's Tax Accounting group, this publication provides a quarterly overview of enacted tax legislation, as well as regulatory developments and other items through June 17, 2020, except as noted. Highlights of this edition include:

 — Tax legislation enacted in the second quarter, including many COVID-19 related packages

 — Tax legislation and income tax treaties effective in the second quarter

 — Other developments

 — Things we have our eyes on

If countries with significant economies enact income tax legislation at the quarter close, we will update this publication through June 30, 2020.

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Contact Information
For additional information concerning this Alert, please contact:
Tax Accounting and Risk Advisory Services
   • Angela Evans (
   • Joan Schumaker (
   • George Wong (


Quarterly Tax Accounting Developments for Q2 2020