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.
— — — — — — — — — — — — — — —
— For more information about EY's Tax Accounting services, visit us at www.ey.com/US/TaxAccounting
— For more information about EY's Tax Accounting University education program for clients, visit us at www.ey.com/TAU
Quarterly Tax Accounting Developments for Q2 2020